Taxes make everybody poorer, warns German Chancellor Scholz
German Chancellor Olaf Scholz
The EU’s proposed tariffs on Chinese EVs was condemned by German Chancellor Olaf Scholz.
Scholz stressed trade barriers and isolationism are self-defeating as they increase costs for all participants and impoverish them.
China has threatened to retaliate against the EU over its cars, prompting Scholz's fears.
This will have a major impact on Mercedes-Benz, Porsche, and BMW which are top luxury brands in Germany.
Trade disputes like this could cost jobs and raise prices in the German car industry, which depends heavily on the Chinese market.
Unfair subsidies were cited by the EU as a reason for imposing tariffs. However, Scholz maintains that fair trade is crucial for the well-being of auto production worldwide.
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Germany’s automotive industry has strong links with China.
German auto exports to China alone will be estimated at $28 billion by 2022 only.
There is widespread fear among business leaders that if China retaliated with tariffs, it would jeopardise critical investments, leading to the loss of thousands of jobs in Germany.