China Takes Legal Action Against EU Over Electric Vehicle Tariff Hike

by THEFUTURE.TEAM

November 5, 2024

China has launched a legal dispute against the European Union (EU) at the World Trade Organization (WTO) in response to the EU’s decision to raise import tariffs on Chinese electric vehicles (EVs). The case comes on the heels of an EU investigation that concluded Chinese carmakers benefit from state subsidies, giving them an unfair edge in the European market.

Key Details:

WTO Complaint: China’s filing marks its second WTO challenge over higher tariffs, with the complaint aiming to address the EU’s determination that Chinese EV manufacturers benefit from unfair government support.
Impact on Chinese Car Makers: The new EU tariffs range from 17% for BYD, 18.8% for Geely (Volvo’s parent company), to a significant 35.3% for SAIC Motor Corp, making it one of the most heavily affected companies.
WTO Dispute Timeline: Under WTO dispute settlement rules, China and the EU have 60 days to negotiate a resolution. If unresolved, the case may proceed to a WTO panel ruling. However, the WTO’s highest appellate body remains inactive due to a shortage of judges, potentially complicating the resolution process.

The heightened tariffs, which took effect on November 1, reflect growing trade friction between Brussels and Beijing. EU officials argue that China’s subsidies and access to inexpensive raw materials have granted Chinese EV companies excessive leverage over European competitors. In response, Brussels is exploring solutions, such as adjusting price commitments, to address these market imbalances while upholding WTO principles.

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Negotiations between the EU and Chinese officials are expected to intensify in the coming weeks, with an EU delegation likely to travel to China to pursue a compromise. Both sides aim to foster fair market conditions while respecting WTO guidelines.

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Delayed Cyprus Fuel Terminal Adds €1.67 Million To 2026 Budget Allocation

by THEFUTURE.TEAM

November 6, 2026

A delay in completing Cyprus’ strategic petroleum-products terminal has shifted €1.67 million in expected payments into the 2026 budget, prompting a revised budget allocation for the state’s fuel-storage organization, CODAP. The project was completed on June 30, 2026, later than the December 2025 handover originally anticipated.

The change in timing has altered the project’s payment schedule, but it will not increase CODAP’s overall 2026 budget of €111.3 million. After contractual deductions for the delay, payments to the contractor are expected to total €48.2 million, compared with the original contract value of €51 million.

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Why The Budget Is Being Revised

When CODAP prepared its 2026 budget in June 2025, it expected construction to finish by the end of that year. The organization therefore forecast that the main payments to the contractor would be made during 2025 and included lower construction funding in its 2026 budget.

But delays by the contractor pushed completion to June 30, 2026. As a result, payments that had been expected earlier must now be covered through a budget amendment. The revised allocation will be discussed by Parliament’s Finance Committee on Friday.

Of the €1.67 million adjustment, €1.27 million relates to the first half of the contractor’s retention payment, which is payable upon handover under the contract. The remaining half is due 24 months after delivery.

A further €250,000 is set aside for work that has not yet been certified. The contractor is expected to complete these non-critical items during 2026. Another €150,000 covers payments to the project’s engineering consultants, whose fees are linked to construction progress and completion.

Contractual Deductions Reduce The Final Cost

CODAP withheld €1.27 million from the contractor in 2025 because of the late delivery. The deduction represents the maximum penalty stipulated in the contract: 2.5% of the contract value, applied in response to the delay against the agreed construction period of 24 months.

After accounting for that deduction and the scheduled retention payment, the total amount expected to be paid to the contractor is €48.2 million—below the original €51 million contract price.

A Critical Part Of Cyprus’ Fuel Reserves

The terminal is located at the Vasilikos Energy Centre and has seven petroleum-product storage tanks. It holds most of Cyprus’ fuel reserves, which are intended to help protect the country against supply disruptions.

Countries are required to maintain fuel stocks equivalent to 90 days of consumption. Those reserves must remain available for release to the market if supply problems arise, making the terminal a key part of Cyprus’ energy-security infrastructure.

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