:max_bytes(150000):strip_icc()/GettyImages-2166975799-c396d45147104ab3a3a1568e256d41d8.jpg "China Launches Anti-Subsidy Probe on EU Dairy Imports")
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KEY TAKEAWAYS
- China has launched an anti-subsidy investigation into dairy imports from the European Union (EU).
- The probe comes a day after the EU updated import tariffs on Chinese-made electric vehicles (EVs).
- China’s Ministry of Commerce said its investigation will run for the period of April 1, 2023 to March 31, 2024, and will cover EU dairy products including fresh and processed cheese, milk, and cream.
China has launched an anti-subsidy investigation into dairy imports from the European Union (EU), a day after the EU updated import tariffs on Chinese-made electric vehicles (EVs).
China’s Ministry of Commerce said its investigation will run for the period of April 1, 2023 to March 31, 2024, and will cover EU dairy products including fresh and processed cheese, milk, and cream.
Latest Tit-for-Tat Measure Between China, EU
This is the latest tit-for-tat measure as trade tensions escalate between Beijing and the bloc.
On Tuesday, the European Commission (EC), the EU’s enforcement arm, announced tariff cuts on Chinese-made imports of Tesla’s (TSLA) EVs to 9% from 20.8%, while competitors BYD (BYDDY), Volvo parent Geely (GELYF), and state-owned SAIC will have to pay tariffs of 17%, 19.3%, and 36.3%, respectively.
The two have been launching measures against the other’s products in recent months. In June, China announced it might issue anti-dumping tariffs on pork imports from the EU, days after the bloc said it would provisionally impose an additional duty of up to 38.1% on Chinese EV imports.
China is the EU’s biggest overseas market for pork, which is the most consumed meat in the country.