GREEN TRADE WAR
EU slaps Chinese electric cars with tariffs of up to 38%
The European Union imposed provisional duties of up to 38 per cent on Chinese electric car imports due to alleged unfair state subsidies, sparking concerns of a trade war. The move was criticised by China as "politically motivated" and "protectionist." European countries are divided on the issue, with Germany fearing harm to its auto industry. Talks with China continue, with hopes for a negotiated solution to avoid escalating tensions.
China premier calls to 'oppose decoupling' at economic forum
Friction between the West and the world's second-largest economy has intensified in recent years, particularly as Beijing and Washington compete for supremacy in advanced technology and new "green" industries.
India shows interest in mega Teesta river conservation project
A major focus of the talks between the two prime ministers was to explore ways to shore up India-Bangladesh cooperation in digital and energy connectivity even as both sides resolved to work towards peaceful management of borders between the two countries.
India, Bangladesh agree to start talks on comprehensive trade pact
India and Bangladesh have agreed to begin negotiations on a comprehensive economic partnership agreement, as Prime Minister Narendra Modi announced after talks with Bangladeshi PM Sheikh Hasina. Modi emphasized that Bangladesh is India's largest development partner and that New Delhi gives top priority to their relationship. The leaders also discussed enhancing defense cooperation, including defense production and modernization, and signed agreements in areas such as the digital domain, maritime sphere, and railway connectivity.
Russia and North Korea sign partnership deal that appears to be the strongest since the Cold War
Russian President Vladimir Putin and North Korean leader Kim Jong Un signed an agreement pledging mutual aid against "aggression," signaling stronger ties amid their standoffs with the West. The summit marked Putin's first visit to North Korea in 24 years and raised concerns over potential arms deals for Russia's war in Ukraine. The agreement enhances security, trade, and cultural ties. U.S. and South Korean officials expressed alarm, and Putin’s subsequent visit to Vietnam underscores Russia’s efforts to bolster alliances amid global tensions.
PSU stocks expected to trade sideways for next six months: Digant Haria
We do not have the view that this government will go into a lot of freebies because if freebies was the only thing, then BJP should not have won Odisha and then Jagan should not have lost Andhra Pradesh or Chandrababu Naidu should not have been able to win Andhra Pradesh because the maximum freebies were given in that state and minimum freebies were given in Odisha which is even poorer state than Uttar Pradesh in terms of per capita.
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Europe turns right with feet in centre
European Parliament has shifted centre-right under Ursula von der Leyen-led European People's Party after June elections. Voters are primarily focused on several key issues, such as the economy, the cost of living, the ongoing Russia-Ukraine conflict and its repercussions, and immigration. The response to these concerns will play a pivotal role in shaping the policy agenda of the majority coalition. Stability is paramount, and it will heavily influence the European People's Party (EPP) in selecting its coalition partners.
China risks trade war on two fronts as low-tech exports soar, too
Rising trade tensions as the EU, US, and potentially Canada impose tariffs on Chinese electric vehicles, are impacting global trade dynamics.
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
Inside the illicit trade of exotic animals from Myanmar to India
The civil war in Myanmar and resultant anarchy in border areas have given a new life to the smuggling of wildlife—from marmoset monkeys to green anacondas—to India. A complex network of wildlife smuggling involving exotic animals from various countries being trafficked through Myanmar to Indian metro cities like Kolkata.
$215 trillion to save the planet is a bargain
By 2100, the permanent loss from additional warming under a “business as usual” scenario would rise to 52%, representing trillions of dollars in economic destruction.
US firm becomes world's most valuable solar firm after Chinese rivals slip
First Solar Inc. becomes the world's most valuable solar manufacturer, surpassing Sungrow Power Supply Co. and ending China's dominance since 2018.
Biden's China tariffs are the end of an era for cheap Chinese goods
Biden's decision this past week to codify and escalate tariffs imposed by Trump made clear that the United States has closed out a decades-long era that embraced trade with China and prized the gains of lower-cost products over the loss of geographically concentrated manufacturing jobs. A single tariff rate embodies that closure: a 100% tax on Chinese electric vehicles, which start at less than $10,000 each and have surged into showrooms around the world but have struggled to crack government barriers to the U.S. market.
Gold prices edge higher as US dollar, yields soften
The dollar fell 0.2% against a basket of other major currencies, making gold more attractive for other currency holders. Benchmark 10-year Treasury yields hit their lowest in a more than one month.
The White House’s green trade war is just getting started
The latest US actions reflect a strategic shift in trade policy and considerations of carbon dumping, EU engagement, and national security implications.
The penicillin war: India's journey from self-sufficiency to dependence on China
After India lost its dominance in making penicillin, a drought of three decades is coming to an end. The drug – which forms the base for a raft of extremely potent antibiotics – is part of the govt’s aggressive push for self-sufficiency in critical areas. Will the plan to claw back to the glorious past work?
A clean technology trade war shows how empires fall
China produces 84% of the world’s solar modules and 86% of its lithium-ion batteries, as well as 67% of the nacelles that join wind turbines' blades to their towers, and 70% of electrolyzers for manufacturing green hydrogen.
Gift Nifty down 2 points; here's the trading setup for today's session
Gift Nifty: Domestic markets rose after US Fed's rate decision. Nifty futures flat. India VIX up. Asia equities, yen advance pre US jobs data. US stocks gain. Oil prices edge up on OPEC+ cuts, amid Israel-Hamas war.
China’s EV and solar exports are powering ahead as prices slide
All these numbers show why China’s factory capacity has quickly become the key faultline in a polarizing global economy.
From Russian funds with love: Plan mooted to tap rupee balance in special accounts
Russian financial institutions have been negotiating with the Reserve Bank of India (RBI) to use the rupees in special accounts in India for investment in stocks and securities. Currently, 10 Russian institutions, including its largest lender, have registered as foreign portfolio investors (FPIs) with Sebi. However, they have made little investments due to US sanctions in the wake of Russia's war with Ukraine.
The global turn away from free-market policies worries economists
That faith in the superiority of free-market policies was deeply shaken in recent years by a string of global jolts -- the pandemic, supply chain meltdowns, soaring inflation and interest rates, Russia's invasion of Ukraine etc.
Caught in a solar flare
The approved white list of domestic module makers is a big mistake. No country in the world has tried to improve domestic manufacturing through tariff as well as non-tariff barriers plus capex linked incentives the way India has done.
As Yellen heads to Beijing, China worries that the US is planning more tariffs on green tech
US Treasury Secretary Janet Yellen urges China to change manufacturing policies, causing skepticism in state media amid fears of more US tariffs on green energy products. Yellen addresses unfair trade practices and overcapacity in clean energy sector during visit to major industrial hub. Concerns over flood of low-priced exports and job threats as US seeks balanced economic relationship with China. Discussions continue in Beijing over weekend on reshaping global economic landscape.
ETMarkets Smart Talk: Golden opportunity! Broking, defence, green energy among 5 sectors that could create wealth in 3-5 years: Robin Arya
Robin Arya says: The consistent flow of monthly SIPs indicates a tremendous opportunity in the broking and wealth management space. Defence is another sector we see with the potential to change dynamics and deliver significant returns in the next 3-5 years. Volatility ensued post-budget, but Nifty managed to hold crucial support levels.
Europe wary of clean-tech protectionism on green-transition cost
Negotiators are set to conclude talks Tuesday on the Net Zero Industry Act — the EU’s answer to the US’s Inflation Reduction Act — that aims to ensure that the region’s energy transition isn’t accompanied by a mass flight of the critical industries needed to power it.
Goods exports see green shoots, rise 6.2% in October
The gap between exports and imports widened to $31.46 billion on the back of a jump in gold imports, official data released Wednesday showed. It was at $19.37 billion in September and $26.3 billion in October last year. Gold imports rose 95% to $7.23 billion last month.
Western sanctions haven't curbed Russian oil profits, but the green energy transition could
Despite Western sanctions and price caps imposed on Russian oil exports, the country's revenues have actually increased due to rising oil prices and a squeeze on supply in global markets. The price cap restricts the sale of Russian oil to third parties and requires them to use services provided by G7, EU, and Australian entities. However, breaches of the cap have been reported, and Russia has reduced its reliance on Western services. Additionally, the long-standing challenges facing Russia's oil industry, such as the decline in output from brownfields and high carbon intensity, could have a sustained negative impact on its oil wealth.
Europe’s war on carbon goes global as border tax comes into play
The mechanism has already faced pushback from the EU’s major trading partners including Russia and China, who argue that it undermines the principles of free trade.
WTO flags trade concerns over proposed EU carbon border tax
The World Trade Organization (WTO) has raised concerns about unilateral environmental measures and trade restrictions. The WTO flagged the European Union's Carbon Border Adjustment Mechanism (CBAM) and the US' Inflation Reduction Act as potential trade concerns. This comes before the implementation of the European Union's Carbon Border Adjustment Mechanism (CBAM) rules for transition from October 1.
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