The European Union has decided to impose duties on Chinese electric vehicles to protect its industry.
European Union’s Decision:
According to a foreign news agency, the European Union will impose a duty of up to 38 percent on China’s electric vehicles. 17% duty will be levied on BYD vehicles and 20% duty on Geely vehicles.
The European Union will raise tariffs on Chinese electric vehicles (EVs) on July 4 if Beijing fails to agree on a “solution” to the subsidies.
Read more: Decree to Prohibit Non-Filers From Traveling Abroad
Europe says its market is being damaged by not resolving the subsidy issue. According to the European Commission, it will raise tariffs on Chinese carmakers to 38 percent on July 4, from the current level of 10 percent.
The Finance Minister said that not long ago, Pakistan’s economy was facing difficulties and the value of rupee had depreciated by 10% in just one year. Despite the political and economic challenges, the government’s economic progress has been impressive.
Read more: Saudi Arabia Progresses Smart Hajj with Nisq Card Rollout
He said that he requested all the members of the assembly to support the government in the way of economic development. Due to inflation, the purchasing power of people has been affected and the salaried class has been particularly affected by inflation.