EU, UK extend trade rules to avoid tariffs on electric vehicles

FILE PHOTO: European flags fly outside the European Commission headquarters in Brussels, Belgium September 20, 2023. REUTERS/Yves Herman//File Photo

LONDON (Reuters) - The European Union and Britain on Thursday agreed to give electric vehicle (EV) makers until the end of 2026 to comply with local content rules, delaying the imposition of tariffs on EVs traded with the UK.

The extension from the previous 2024 deadline would save manufacturers and consumers up to 4.3 billion pounds ($5.45 billion) in additional costs, the British government said.