(Bloomberg) — The European Union is headed into an “economic cold war” if it opts to approve additional tariffs on Chinese electric vehicles, according to Prime Minister Viktor Orban.
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EU member states are set to vote Friday on whether to impose tariffs as high as 45% on Chinese EVs, a decision that could threaten to further ratchet up tensions with Beijing. The additional levies pose a “huge threat” to Hungary, which is heavily reliant on the export of German EVs powered by Chinese batteries, Orban told state radio.
The Hungarian government worked on the concept of “economic neutrality” at a two-day cabinet meeting this week, which is aimed at maintaining strong economic links with eastern economies like China’s even if the global economy “breaks into blocs,” Orban said, without going into detail.
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