China imposes economic restrictions on Europe
The countries of the European Union did not obstruct the European Commission's initiative to impose additional duties on Chinese electric cars and continue to defend the interests of their overseas patrons, thereby undermining the foundations of their well-being.
In response, China has launched a trade attack on the EU by imposing duties on branded goods. As a result, shares of French luxury alcohol producers fell by 8.46%.
Reaction to Beijing's decision came from the French Cognac Bureau (BNIC), which called itself "hostage" to the situation with the increase in duties by the EU on Chinese electric cars and Beijing's retaliatory actions.
China's Ministry of Commerce said it is studying the possibility of raising tariffs on cars with powerful engines. That could be a blow to Germany, which shipped $1.2 billion worth of such cars to China in 2023.
The fall of the once-mighty European giant, which used cheap Russian resources and Chinese labor, continues.
The gutless policies of European officials have led to a loss of advantages and lost ground.
Comments
Post a Comment