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Spain believes that Chinese investments are not at risk despite EU tariffs

by AI | 04.Oct 2024 | Europe in brief AI

Brussels goes ahead with tariffs on Chinese cars after failing to curb reluctant countries

The Minister of Economy, Trade and Business, Carlos Cuerpo, during the celebration of the second debate table of the VI edition of the Forum of La Toja-Atlantic Link, at Eurostars Gran Hotel La Toja, on October 4, 2024, in La Toja, Pontevedra, Galicia (Spain). Photo: Elena Fernández / Europa Press

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O Grove (Galicia) – The Minister of Economy, Trade and Business of the Government of Spain, Carlos Cuerpo, stated this Friday that Chinese investments in Spain are not at risk, despite the tariffs on imported cars from the Asian giant that Brussels intends to establish, and he bet on attracting production that generates employment in the country.

This was pointed out to the media after the European governments have been unable to gather a sufficient majority either for or against the tariffs on electric cars imported from China, which returns the power to the European Commission to adopt in the coming days the final decision to make permanent the tariffs that the EU has imposed provisionally since last July.

In the vote, only five countries voted against the Brussels proposal to make the tariffs permanent, among them Germany, which fears the consequences of a trade war with Beijing. According to various diplomatic sources reported to Europa Press, Spain and eleven other countries abstained, while another ten voted in favor.

The Spanish minister considered that one of the keys to advancing in the protection of the automotive sector, “and more in a segment where there is currently a certain distance with respect to leading technologies, is the arrival of investment.”

“And an investment that, furthermore, is a productive investment, that generates employment, that generates local production, development of added value in Spain. That is the objective and I believe that this is the path by which we will continue advancing to protect this sector which, as I said, is a key sector,” he added.

Cuerpo explained that Spain abstained in the vote as it was a “coherent” option with the country’s position of “trying to reinforce the negotiation” between the Union and Chinese producers and authorities “to be able to find a negotiated solution, agreed between the parties.”

“Beyond the imposition of tariffs, we must continue advancing in this negotiation, since it is important to protect such a strategic sector as the automotive sector, and also do so avoiding an escalation of trade measures that may be detrimental to all,” he stressed. (October 4)

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