German industries urge EU to defend against price undercutting from non-EU nations
To safeguard their domestic production from Chinese imports, the United States has levied large tariffs. Meanwhile, the Federation of German Industries is urging the EU to implement safeguards against cheap goods from non-EU countries, under the right circumstances.
Recently, the Federation of German Industries urged the European Commission to heighten the protection of domestic products in the European market. "The EU possesses effective protective measures against goods from third countries that might enter the EU market at skewed prices due to dumping or subsidies," declared Wolfgang Niedermark, a member of the BDI's management board, to the "Neue Osnabrücker Zeitung" (NOZ).
He further stated that these safeguards are used in accordance with specific rules. "If instances of dumping or subsidization are authenticated according to these rules, the safeguards should be enforced systematically." The United States unveiled substantial tariff hikes on a wide range of Chinese products on Tuesday. These includes electric cars, semiconductors, minerals, and medical goods. The tariff for Chinese electric cars, for instance, will jump drastically from 25% to 100%.
China should be recognized as a centrally-controlled economy that doesn't adhere to market rules as strictly as the EU economy does, according to Niedermark. "The competition with China entails no fair chance, regardless of the sector." "Germany and the EU ought to tread cautiously in ensuring that the EU's internal market does not evolve into a buffer for Chinese surplus capacity, which is being curtailed on the US market," stressed Niedermark. In the past, such experiences were observed on the global steel market.
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Source: www.ntv.de
