After electric cars, the European Commission is now apparently also looking more deeply into subsidies to Chinese steel companies. An investigation into possible market disruptions is also planned here, according to a newspaper report.
As the Financial Times reports, citing two people familiar with the matter, the EU supports the US government’s efforts to protect its own industry from cheap suppliers. The official announcement of the EU investigation is expected to be announced at a summit with the US this month.
US President Joe Biden has invited European Commission President Ursula von der Leyen and European Council President Charles Michel for talks on October 20. The Chinese Ministry of Commerce has not yet responded to the report.
Von der Leyen: “Careful and fact-based research”
As already reported, there is currently an anti-subsidy investigation against Chinese-made electric vehicles. In concrete terms, this concerns the suspicion that Chinese state support for electric car manufacturers from the country has negative consequences for European manufacturers. If the investigation confirms this suspicion, the European Commission could take measures to create fair competition conditions. “The anti-subsidy investigation will be thorough, fair and fact-based,” Commission President Ursula von der Leyen said last week. She had already announced the investigation in her State of the Union address in mid-September
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
