Trade barriers placed by the United States and European countries against Chinese electric vehicles (EVs) are counterproductive and should be removed to restore free trade, said Eric Maskin, a Nobel laureate in economics, in an interview with China Central Television (CCTV) that was aired Friday.
China has been the global leader in EV for nine consecutive years, with both production and sales of its new energy vehicles exceeding 9 million units in 2023.
Maskin attributed China's current leading position in EV production to its notion of developing new quality productive forces, which follows the trend of the times.
"I think it makes a lot of sense. The technology that was dominant in the 20th century is being replaced by the technology of the 21st century. And it makes a lot of sense for China to be out in front of that and putting its investment and its resources into this new technology. For example, I mentioned electric cars. A while ago, China has become a world leader in the production of electric cars, which I think makes a lot of sense. They've made wise investment to go in that direction, because the world is going to need those electric cars," Maskin said.
The United States announced on May 14 this year a sharp increase in its Section 301 tariffs on Chinese EVs from 25 percent to 100 percent.
The European Commission, the executive arm of the European Union, introduced provisional duties of up to 37.6 percent on Chinese EVs in early July.
Calling these moves counterproductive, Maskin called for the removal of the barriers and the restoration of free trade.
"From the standpoint of international trade and cooperation, I think placing barriers to that trade is counterproductive, so that makes me unhappy to see this interference. My hope is that the barriers will be removed and we will have a, we will restore free trade once again. Perhaps I'm being over optimistic here, but that I think would be the happiest outcome. In other words, I see the interference with free trade as temporary rather than permanent," he said.
Western trade barriers against Chinese EVs counterproductive: Nobel laureate
Western trade barriers against Chinese EVs counterproductive: Nobel laureate
