Hungary's prime minister says the European Union risks entering an “economic cold war” with China, and is 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 European Union is headed into an “economic cold war” if it opts to approve additional tariffs on Chinese electric vehicles, according to Prime Minister Viktor Orban.