EU reduces tariffs on Tesla vehicles from China

SOURCE www.nbcnews.com
The European Union is reducing tariffs on Tesla vehicles imported from China to 9% from 20.8% and cutting import duties on other electric vehicle firms due to unfair subsidies in China. Tesla shares rose over 1% following the EU's draft decision.

Key Points

  • EU reduces tariffs on Tesla vehicles imported from China to 9% from 20.8%
  • Other electric vehicle firms also see reductions in import duties
  • EU cites unfair subsidies in China as reason for tariff cuts

Pros

  • Lower tariffs will benefit Tesla and other electric vehicle firms
  • Helps level the playing field for European EV producers

Cons

  • May lead to trade tensions between the EU and China