The European Union risks entering an “economic cold war” with China, Hungary's prime minister said on Friday, pledging to vote against an EU plan to impose higher tariffs on the import of Chinese electric vehicles.

Hungarian Prime Minister Viktor Orban warned on Friday that the European Union was headed for an "economic cold war" with China as the bloc's leaders prepared for a pivotal vote on imposing tariffs on imports of Chinese-made electric cars (EVs).

The E.U. first announced that it would slap higher tariffs on Chinese electric vehicle imports in June, on the grounds that they benefit “heavily from unfair subsidies” and po