If a surge in government support for strategic industries risks fueling a global subsidy war, then the European Union may have just sparked one of its biggest battles.
With European officials fearing millions of auto jobs are at risk from China¡¯s surging electric vehicle exports, the bloc¡¯s executive arm on Wednesday launched an investigation into Beijing¡¯s financial support for the EV industry.
The probe, which could take up to nine months, will probably lead to new EU tariffs on Chinese EV imports and embroil major non-European automakers like Tesla, which produce cars in China for export to the bloc.
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