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Beijing is still considering expected retaliatory measures after the Biden administration announced sharp tariff hikes last week on a range of Chinese high-tech imports, including computer chips, electric vehicle batteries and medical technology products.
On Wednesday, shares of European premium automakers such as BMW, Mercedes-Benz, Tata Motors (Jaguar Land Rover) and Volkswagen Group (Audi) all closed lower in the aftermath of threatening and ominous policies by Chinese state-owned enterprises.Global TimesArticle arguing that China should “consider”Increase in provisional tariff ratesThe tax will be imposed on imported vehicles with large-displacement engines to reduce imports as part of the country’s broader efforts to cut emissions and promote green development in the auto industry.”
China has signaled it’s prepared to impose tariffsUp to 25%This represents a significant increase from the current 15% tariff rate. The GT article quoted Chinese industry insiders as slamming the “protectionist moves” coming from Washington and the Western countries.
Posting X this week, the China-EU Chamber of Commerce and Industry (CCCEU) issued its own warning in a clearly coordinated messaging campaign.To tell“We have been informed by insiders that China may be considering raising provisional tariffs on imported cars with large-displacement engines.”
“This potential measure will have implications for European and US automakers, particularly in light of recent developments such as Washington’s announcement of increased tariffs on Chinese-made electric vehicles and Brussels’ preparation of preliminary measures in the high-profile anti-subsidy investigation into Chinese electric vehicles,” the chamber said in a statement.
Just to be clear, this is the document from when the European Commission launched its investigation in October. The Commission has formally launched an “Anti-Subsidy Investigation into Imports of Battery Electric Vehicles (BEVs) from China”. The investigation will first determine whether China’s BEV value chain has benefited from illegal subsidies and whether these subsidies are causing or threatening to cause economic harm to EU BEV producers.”
The investigation by European Commission President Ursula von der Leyen aims to determine whether this breaches WTO anti-dumping agreements, with a July 4 deadline for potential tariffs to be imposed.
China is hitting back at Europe and the US, reports the South China Morning Post.Observed:
Beijing isI have no intention of quietly accepting either strategy.China’s Ministry of Commerce on Sunday announced an anti-dumping investigation into imports of polyoxymethylene copolymers.Chemicals commonly used in automotive engineering – US, EU, Japan, Taiwan.
It has already begun an investigation into alleged dumping in the European brandy industry.Targeting French Cognac exportsParis has been a strong supporter of tougher EU trade policies towards China.
In a moment of great “cognitive dissonance,” Rand Paul correctly points out that there are “not many differences” between Biden and Trump on China, especially since Biden has “jumped on the Trump train” on tariffs. Paul points out that both are obsessed with scolding and sanctioning China. pic.twitter.com/ugqgjUT5nB
— Michael Tracey (@mtracey) May 21, 2024
With the trade situation between China and Western countries expected to worsen in the coming weeks, von der Leyen sought to downplay the trade war in her remarks in Brussels on Tuesday.
“I don’t think we’re in a trade war. My motto is ‘risk decoupling, not decoupling,’ and we are clearly in the category of risk decoupling from China. We have decoupled from Russia.”She said:
Heading into November, China is expected to be a central foreign policy topic in both presidential campaigns…
And here’s what the Biden administration said when announcing the new US tariffs last Tuesday: “Today, I am following through on our commitment to confront the People’s Republic of China’s unfair trade practices by announcing a formal proposal to modify the tariff measures.” US Trade Representative Katherine Tai added, “The President and I will continue to fight for American workers, and for America’s economic future and national security.”
From Zerohedge.com
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“Beijing is still weighing possible retaliatory measures after the Biden administration announced significant tariff hikes last week on a range of Chinese high-tech imports, including computers…”
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