(Bloomberg) — The European Union is heading for an “economic cold war” if it chooses to approve additional tariffs on Chinese electric vehicles, Prime Minister Viktor Orban said.
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EU member states will vote on Friday on whether to impose tariffs of up to 45% on Chinese electric vehicles, a decision that could threaten to further raise tensions with Beijing. The additional duties pose a “huge threat” to Hungary, which is heavily dependent on exports of German electric cars powered by Chinese batteries, Orbán told state radio.
Hungary’s government worked at a two-day cabinet meeting this week on the concept of “economic neutrality,” which aims to maintain strong economic ties with eastern economies like China’s even as the global economy “breaks into blocks,” Orban said , without going into details.
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