TRADE WITH CHINA
Europe is slapping tariffs on Chinese electric vehicles - for now. Here's what to know
EU raises customs duties on Chinese electric vehicles due to unfair subsidies. Tariffs aim to address market imbalance. Negotiations ongoing between EU and China. Concerns about impact on European jobs and green technology production. Uncertainty looms over potential solutions and retaliatory measures.
EU governments hesitant on Chinese EV tariffs as trade spat escalates
Germany, whose carmakers made a third of their sales last year in China, wants to stop the tariffs, according to a government source, while France has been among the firmest backers.
China’s plastics boom is set to create another trade headache
China's petrochemical sector grapples with overcapacity as polyester products exports increase, straining global trade relations.
India’s trade dependence on China, EU rose in Q1 of 2024, says UNCTAD
The UNCTAD nowcast predicts a stronger positive trend for the second quarter of 2024, projecting an approximate 2% increase for the first half of 2024. This increase is expected to add around $250 billion to goods trade and about $100 billion to services trade in the first half of 2024 compared to the second half of 2023.
India catching up with China, Vietnam on phone exports
India is rapidly narrowing the gap with China and Vietnam in mobile phone exports. In FY24, while mobile phone exports from China and Vietnam declined by 2.78% and 17.6% respectively, Indian exports surged by 40.5%, according to officials citing global trade data. India has captured nearly 50% of the reduction in mobile phone exports from these two countries, aligning with its objective of absorbing a significant portion of the supply chain shift from China.
China's Xi calls for 'bridges' amid trade, diplomatic frictions
Chinese President Xi Jinping has called for the building of "bridges" in the global economy as Beijing grapples with economic, trade, and territorial disputes with neighbours and trading partners. He emphasized that the world's second-largest economy will never leave the road of peaceful development and will not become a "strong" state seeking to dominate others.
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Will there be three days of complete darkness in world as predicted by 'living Nostradamus?' Who is he? Know about 'actual Nostradamus'
French astrologer Nostradamus is believed to have predicted the Great Fire of London, the French Revolution, the rise of Napoleon and Adolf Hitler, World War 1 and World War 2 and the nuclear destruction of the Japanese cities of Hiroshima and Nagasaki. What about the World War 3?
On his first China visit, Maldives' trade minister highlights close India ties
Emphasizing the significance of India to the Maldives economy, President Muizzu's recent visits to New Delhi and Beijing, along with Minister Saeed's discussions at the World Economic Forum, underscore the evolving diplomatic and economic landscape between the nations.
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.
Uyghur-American politician calls out China's alleged trade in 'Halal Organs'
In March, during a US congressional committee hearing, experts had claimed that Chinese authorities had gathered genetic information from the Muslim Uyghur minority, with the aim of supporting a forced organ transplant programme targeted at attracting Muslim medical tourists from Gulf states.
Explained: What happens next in the EU investigation into Chinese EVs?
China and the European Commission plan talks to address proposed tariffs on Chinese-made electric vehicles entering the EU, potentially easing tensions. The EU intends to impose provisional duties on these vehicles, ranging from 17.4% to 38.1%, with the deadline set for July 4. Negotiations between the EU and China are expected, with stakeholders having until July 18 to provide feedback. The Commission will publish its findings by July 4, and decisions on provisional duties will follow.
CII calls for review of trade ties with China
The CII called for a review of trade ties with China due to the country's reliance on electronics components imports, posing a risk to domestic manufacturing sustainability.
China and European Union agree to talks in bid to head off trade war
China and the European Union have decided to initiate talks aimed at resolving an increasingly tense tariff dispute, with billions of dollars in trade hanging in the balance. According to the Chinese Commerce Ministry, discussions will be held between China's commerce minister, Wang Wentao, and the European Union's trade commissioner, Valdis Dombrovskis. The focus will be on addressing the European Union's proposal to impose tariffs on electric cars imported from China, a move that has sparked significant concern.
China says escalation by EU over EV imports could trigger 'trade war'
Last week, the European Commission proposed tariffs of up to 38.1% on electric vehicle imports from China despite Beijing's protest, plunging trade ties to a new low and risking punitive retaliatory action. "The European side continues to escalate trade frictions and could trigger a 'trade war'," a statement attributed to the commerce ministry's spokesperson said. "The responsibility lies entirely with the European side."
EVs versus pork: China has its hand on a raw nerve of Europe
The escalating trade tensions between Europe and China over electric vehicles have the potential to ignite a new trade war. As Europe imposes tariffs on Chinese EVs, China retaliates by targeting European farmers, particularly in the pork industry. This tit-for-tat strategy threatens to impact various sectors on both sides.
China President Xi’s mystery plans surface with biggest shift in years
China is potentially on the brink of major monetary policy changes, responding to President Xi Jinping's call to enrich the policy toolbox. Governor Pan Gongsheng hinted at plans to trade government bonds in the secondary market and make adjustments to the interest-rate system, aiming to refine technical tools and improve transparency. These proposed changes could allow the People's Bank of China to exert greater influence over interest rates and market conditions, signaling a shift towards market-driven policies and a more efficient use of credit.
Counterstrike! China eyes trade war targets across Europe
Trade war: China is preparing to retaliate against the European Union over proposed tariffs on electric cars. Targeted products include brandy from France, pork from Spain, wine primarily from France, and cars from Germany. The potential trade barriers aim to comply with WTO rules but could impact European exporters significantly.
China keeps its distance as Russia and North Korea deepen ties
China reacted guardedly this week as Russia and North Korea deepened their ties and vowed to resist the U.S.-led West, with Beijing avoiding any trilateral arrangement that might complicate its relations with other countries. On Wednesday, Beijing watched from the sidelines as North Korean leader Kim Jong Un shared his "in-most thoughts" with visiting Russian President Vladimir Putin in Pyongyang.
High tariffs on EVs to protect from Chinese imports, says trade ministry
India's trade department said on Friday that the country's car market is "well-protected" through high tariffs on the import of electric vehicles, at a time when other major economies like the European Union have slapped tariffs on Chinese EVs.
After Taiwan and trade war, US turns spotlight on China's control of Tibet
Tibet-China Bill: US-China relations are set to face heightened complexity as Tibet becomes a new focal point of contention. Recently, US lawmakers passed a bill challenging Beijing's historical claims over Tibet and advocating for peaceful dialogue between the Chinese Communist Party and the Dalai Lama to resolve the longstanding dispute.
Cars? Pork? Perfume? China has many options if a trade war breaks out with Europe
Europe has announced tariffs on China-made electric cars, prompting concerns about potential retaliatory tariffs from China on European cars and agri products, leading to fears of an escalating trade war with significant economic impacts.
China stocks slip on mild inflation data, trade worries
China stocks slipped as consumer prices remained soft. The dollar held firm ahead of key U.S. inflation report. Market indices like Shanghai Composite and CSI300 were slightly down. MSCI's Asia ex-Japan stock index showed slight gains. Hang Seng Index and Shenzhen index were down, impacting market performance.
Indian traders demand resumption of border trade with China through Lipulekh pass
Indian traders have been engaging in border trade with China through the Lipulekh pass in Pithoragarh district since 1992. They are now urging the central government to address the closure of the trade route due to the Covid-19 pandemic in 2019. The traders are concerned about their stored goods in Tibet and seek the resumption of trade.
G7 plans to warn small Chinese banks over Russia ties, sources say
U.S. officials expect the G7 wealthy democracies to warn smaller Chinese banks at the upcoming summit hosted by Prime Minister Giorgia Meloni regarding their assistance to Russia in evading Western sanctions.
China’s exports surge more than expected in boost for economy
Beijing is relying on sales abroad to offset weak consumer spending at home, where a real estate slump has led households to tighten their belts.
China's exports grow 7.6% in May, beating expectations despite trade tensions
In May, China's exports surged by 7.6% year-on-year to $302.35 billion, surpassing expectations, despite ongoing trade tensions. Imports, however, grew only by 1.8%, missing forecasts of 4% growth. This led to a widened trade surplus of $82.62 billion. The rise in exports is partly due to a low base from last year.
China says it never uses EV subsidies barred by WTO
China's Foreign Ministry denies using subsidies banned by the World Trade Organization for electric vehicles (EVs), addressing concerns over its EV industry flooding the U.S. market. Spokesperson Mao Ning stated that China's success in the EV market stems from market laws and comparative advantages, not government subsidies.
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.
US risks a ‘Forever’ trade war with China, says Economist Stephen Roach
The US is erecting new trade barriers that will hold back China’s sales of key products like electric vehicles, accusing Beijing of building excess capacity using state subsidies and flooding global markets with cheap products.
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