EU slaps tariffs of up to 38% on Chinese electric vehicles

The European Commission on Wednesday announced it would impose new tariffs of up to 37.6% on Chinese electric vehicles starting on Friday.

The Commission said the new duties are to counteract what it called "unfair" subsidies Chinese electric vehiclemakers receive from the Chinese government. The subsidies, according to the EU, create a “threat of economic harm” to European car manufacturers.

As of Friday, the new provisional tariffs will be added to the existing 10% import duties. A final decision on the tariffs is set for November as Brussels and Beijing aim to resolve the conflict through negotiations.