Russia and China will continue to work together to develop their automotive industry, given the increase in customs duties imposed by the United States on Chinese electric vehicles, Russian President Vladimir Putin said this Thursday.
“We welcome cooperation with Chinese friends in the automotive industry, where Chinese companies are achieving clear and very obvious success,” Putin said in a joint statement to Chinese and Russian authorities after a meeting with Chinese President Xi Jinping in Beijing.
“We will continue to develop this cooperation,” he added, highlighting the “negative impact of various illegal sanctions and restrictions” on the sector.
The Russian leader’s support for the Chinese auto industry comes after US President Joe Biden accused Beijing of fraud.
This week, Biden quadrupled tariffs on electric vehicles from China, from 25% to 100%.
China’s Ministry of Commerce condemned the measure and warned that these new trade barriers would “severely impact” cooperation between the two powers.
The European Commission has also launched an investigation into subsidies provided by the Chinese state to electric vehicle manufacturers to determine whether the sector benefits from illegal aid and whether this is or is likely to cause economic harm to manufacturers in the European Union.
Putin, visiting the Asian country after his fifth term and following Xi’s recent trip to Europe, landed in Beijing on Thursday, his second visit to China in less than a year.
In February 2022, shortly before the outbreak of war in Ukraine, Xi and Putin proclaimed “boundless friendship” in Beijing.
Russia has become increasingly economically dependent on China as Western sanctions have cut off its access to much of the international trading system.
Beijing is now the largest market for Russian oil and gas and an important source of imports that include dual-use civilian and military goods that keep the Russian military machine running, even though China bans arms sales to the neighboring country.
Author: Lusa
Source: CM Jornal
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