2024-05-22 15:38:32
As China exported overproduced electrical automobiles and different merchandise abroad at low costs, the US and the European Union (EU) started to construct a standard entrance. Forward of the G7 finance ministers’ assembly to be held in Italy on the twenty fourth and twenty fifth, U.S. Treasury Secretary Janet Yellen and EU Fee President Ursula von der Leyen expressed their intention to cooperate in elevating tariffs. Within the aftermath, Hyundai Motor Firm’s inventory value rose practically 10%, reaching an all-time excessive. This is because of rising expectations that Korean automobiles will profit from the auto commerce dispute between the US, EU and China.
Secretary Yellen visited Germany on the twenty first and mentioned, “America and Europe should proceed to cooperate as two pillars of the free world. “This contains our method to China,” he mentioned. As the US not too long ago introduced plans to extend tariffs on Chinese language merchandise comparable to electrical automobiles, batteries, and general-purpose semiconductors in accordance with Article 301 of the Commerce Act, that is interpreted as an indication that the EU also needs to take part. Specifically, he emphasised, “Overproduction isn’t solely a risk to American and European firms,” and “It is usually an impediment to constructing development industries in international locations world wide.”
Chairman von der Leyen additionally agreed on the identical day, saying, “We share the US’ considerations about China’s overproduction.” Nevertheless, he mentioned, “Europe has a way more personalized method,” and hinted at the potential of elevating tariffs solely on some merchandise, not like the US, which declared tariff will increase on plenty of Chinese language merchandise. The New York Instances reported that the EU plans to impose preliminary tariffs on Chinese language electrical automobiles as early as July, however the tariff improve is predicted to be decrease than that of the US, which quadrupled from 25% to 100%.
China confirmed indicators of response, together with retaliatory tariffs. The EU China Chamber of Commerce, an curiosity group representing Chinese language firms in Europe, posted on its official social media account on the twenty first instantly after Minister Yellen’s remarks, “We’re receiving a request from China to think about elevating tariffs on imported automobiles geared up with large-displacement engines.” “I used to be knowledgeable that there was one,” he mentioned. China’s state-run World Instances additionally reported on the twenty second, citing consultants, that “momentary tariff charges on these automobiles might be elevated by as much as 25%.”
This can be a warning that if the EU imposes tariffs on Chinese language electrical automobiles, it could impose retaliatory tariffs on imported automobiles coming into China as a countermeasure. Final yr, China imported 250,000 automobiles with a displacement of two.5 liters or extra, accounting for 32% of all imported automobiles. As a major variety of European model automobiles, comparable to Mercedes-Benz, Porsche, and BMW, that are favored by China’s rich class, are included, European automobile producers are anticipated to undergo a major blow if the tariff improve turns into a actuality.
In response to the Korea Change on the twenty second, Hyundai Motors’ inventory value within the inventory market closed at 277,000 received, up 9.49% from the day before today. Primarily based on the closing value, it rose to the very best degree because it was listed in 1974. The KOSPI market capitalization rating additionally surpassed Samsung BioLogics and rose to 4th place.
It’s analyzed that Hyundai Motor Firm’s inventory value rose sharply because the EU introduced its intention to take part within the car commerce dispute between the US and China. Whereas the US has not too long ago moved to extend retaliatory tariffs on Chinese language electrical automobiles, the EU has additionally begun making ready countermeasures towards the Chinese language authorities’s unlawful subsidies for electrical automobiles. Lim Eun-young, a researcher at Samsung Securities, mentioned, “Hyundai Motors and Kia account for five% of their gross sales in China and generate 90% of their working income within the US, India, and Korea, the place it’s troublesome for Chinese language firms to enter the market.” “It’s anticipated,” he analyzed.
It is usually anticipated that the elevated risk of China launching a counter-offensive because it will increase tariffs on giant automobiles from the US and EU will even be excellent news for home car firms. Along with Hyundai Motors, the inventory costs of Kia and Hyundai Mobis additionally rose 3.93% and a pair of.91%, respectively, in comparison with the day before today.
Washington = Correspondent Moon Byeong-ki [email protected]
Reporter Lee Dong-hoon [email protected]
-
- nice
- 0canine
-
- I am so unhappy
- 0canine
-
- I am offended
- 0canine
-
- I like to recommend it
- canine
Sizzling information now
2024-05-22 15:38:32