tariffs
German automobile manufacturer Volkswagen recently denounced the EU’s plans to implement import duties of up to 38% on Chinese electric vehicles, highlighting that they would have adverse effects on the European automotive industry. The company emphasised that it would undermine the competitiveness of European auto manufacturers in the long run. The EU announced these tariff increases back in June, citing concerns over Chinese electric vehicle makers receiving subsidies from the government, thus allowing them to sell their vehicles at unfairly low prices in the EU, compared to European automob...
Euronews (English)
China and the EU have agreed to hold talks over proposed tariffs that will target Chinese-made electric vehicles on the European market. The announcement came after a call on Saturday between EU Commissioner Valdis Dombrovskis and Chinese Commerce Minister Wang Wentao. "This is new and surprising in that it has not been possible to enter into a concrete negotiation timetable in the last few weeks," said Germany’s vice-chancellor and Minister for Economic Affairs and Climate Action, Robert Habeck. At the time of the breakthrough, Habeck was on a three-day diplomatic visit to China. "We are far ...
Euronews (English)
Former President Donald Trump's trade war with China did not work out as planned, and one of his former advisors is finally admitting as much. This week, Semafor's Morgan Chalfant wrote about the potential trade policies of a second Trump administration. Toward the end of his first term, Trump reached a $200 billion deal with China. For his possible second term, though, Trump has suggested a 10 percent tariff across the board on all imports, with additional tariffs as high as 60 percent on goods from China, the country's third-largest trading partner. "I don't think we're going to see a deal l...
Reason
European pigs have found themselves at the centre of a trade tug-of-war. Pork is a hugely important and lucrative export for many European Union nations. The opening on Monday of a Chinese probe into EU pork imports has caused concern for farmers who make a significant portion of their money from exports to China. The investigation will cover various products including fresh and frozen pork meat, intestines and other internal organs. The announcement says it is expected to take one year, with a possible six-month extension. In parts of France like Ille-et-Vilaine, farmers can make between 10-1...
Euronews (English)
During former President Donald Trump's term in office, he promised that higher tariffs on American imports would reduce the country's large trade deficit. At the time, many economists disputed that notion. Tariffs might marginally reduce the import side of the trade ledger, but they also reduce economic output (and therefore exports), so the net effect on the trade deficit was likely to be minuscule, they warned. No matter. In 2017, the White House's official Trade Policy Agenda highlighted how America's manufacturing trade deficit had grown from $317 billion in 2000 to $648 billion in 2016. T...
Reason
Washington (AFP) - US President Joe Biden and European Commission head Ursula von der Leyen on Sunday saluted what they called a "new era" in the transatlantic relationship with an agreement reached in Rome to lift steel and aluminum tariffs. US officials said the agreements would not only avert punishing tariffs put in place by former president Donald Trump but lead to "cleaner" steel, lower inflation and badly needed improvements in snarled global supply chains. "The United States and the European Union are ushering in a new era of transatlantic cooperation that's going to benefit all of our...
AFP
Washington (AFP) - The United States and the EU agreed Saturday to lift punitive tariffs on imported European steel and aluminum, ending a dispute that strained their trade ties since then-president Donald Trump imposed the levies three years ago. The deal was announced by US Commerce Secretary Gina Raimondo, who said it "allows limited volumes of EU steel and aluminum to enter the US tariff-free." Increased EU retaliatory measures on iconic American products like Harley-Davidson motorcycles, Levi's blue jeans and Kentucky bourbon -- due to take effect December 1 -- will not now be applied, Ra...
AFP
Washington (AFP) - The United States announced Wednesday that it will impose additional tariffs on French and German products as part of a long-running dispute over subsidies for aircraft manufacturers Airbus and Boeing. The tariffs are on "aircraft manufacturing parts from France and Germany, certain non-sparkling wine from France and Germany, and certain cognac and other grape brandies from France and Germany," which will be added to the list of products taxed since 2019, according to a statement from the US Trade Representative. It said the move was in retaliation to tariffs imposed by the ...
AFP
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