EU intends to impose a 22.3% import tax on China's exports to Europe

The EU plans to impose a 22.3% import tax on China's exports to Europe for a period of five years. The European Commission believes that Chinese tires are dumped at low prices in the EU market. Once most EU governments approve this taxation plan at the end of this month, European automakers will be affected. The EU uses about 50 million tires each year, worth 300 million euros.