European companies are losing market share because of the climate agenda and trade restrictions, said Hungarian Prime Minister Viktor Orbán speaking at the European Parliament.
"We are pursuing climate policy without reforming industrial policy. But the EU is not stepping up its work on restructuring supply chains, and European companies have lost significant market shares as a result," Orbán said. New trade restrictions "will lead to even greater losses." He remarked. European companies also "spend twice as much on R&D as US companies as a share of GDP," Orbán said.
On 4 October, the European Union increased tariffs on imports of Chinese electric vehicles, setting the maximum rate at 35 %. China considered this decision an act of protectionism and announced retaliatory measures on European products. China's Ministry of Commerce also said on 8 October that it is conducting anti-dumping and countervailing investigations on agricultural products from the European Union and is considering the possibility of increasing import tariffs on EU cars with large engine capacity.
TASS/ gnews - RoZ
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