Trump’s proposed tariffs could trigger price hikes
President-elect Donald Trump's plan to impose tariffs on imports from China, Canada and Mexico has raised concerns among experts about potential negative impacts on North American companies and global supply chains. For more details, you can read the full article on the potential impact of these tariffs here. On his first day in office, Trump plans to impose 25% tariffs on Mexican and Canadian goods and an additional 10% tariff on Chinese imports. Also read: Strike fears and potential tariff hikes drive import surge at U.S. ports As stated on Truth Social on November 25, these tariffs are part of Trump’s “America First” strategy to curb illegal immigration and drug trafficking. Industry professionals such as CH Robinson's Sri Laxmana and Fictiv's Andy Sherman are highly concerned about these looming changes, which will have significant implications for global supply chains. The non-knitted men's apparel market will be one of the industries severely affected by these tariffs. According to IndexBox data, China…
U.S. and Chinese tariffs weigh on copper prices
As 2025 approaches, copper prices are expected to face significant challenges as additional U.S. trade tariffs imposed by the Trump administration and uncertainty about the Chinese economy severely impact consumption and price expectations. Citigroup said it expects copper prices to average US$8,750 per ton in 2025, down significantly from its previous forecast of US$10,250 per ton. Analysts pointed to restrictive monetary conditions in advanced economies and reduced policy support for electric vehicles as factors that have delayed the recovery of global manufacturing activity until after 2025. Also read: The best copper import markets in the world The London Metal Exchange reported that copper in Shanghai was trading at $9,100.50 a ton, down 20% from a record high in May, due to lower demand from China and a stronger dollar. Despite the potential for fiscal stimulus from Asia's largest economy, President-elect Donald Trump's intention to impose a 60% tariff on imports from China and impose additional tariffs on goods from other…
Asian exporters gain momentum as Trump tariffs push
U.S. President-elect Donald Trump's proposed tariffs on Chinese products are expected to accelerate container import growth from Vietnam, Thailand and South Korea. These countries have already benefited from supply chain shifts since 2017 and are expected to reap further gains as companies diversify away from China. Also read: Global leaders warn of possible economic fallout from Trump tariff proposals Vietnam: a rising export powerhouse According to Linerlytica's report, Vietnam's container exports to the United States exceeded 2 million TEUs in the first 10 months of 2024, more than double the export volume in 2017. Data from the World Customs Organization showed a year-on-year increase of 41% in the second quarter of 2024, reflecting the continued shift of manufacturing to Vietnam. Factors driving this growth include Vietnam's well-educated workforce, competitive operating costs and improving diplomatic relations with the United States. These advantages make Vietnam a key player in the changing dynamics of global trade. Thailand: Strong growth in agricultural exports Thailand…
Trump’s tariffs could slash automaker profits by 17%
Analysts say import tariffs proposed by Donald Trump could spell financial disaster for automakers. Standard & Poor's estimates that European and U.S. companies could lose 17% of core profits. Trump has claimed that he will impose 25% tariffs on cars made in Mexico and Canada after taking office in January. Analysts warn that automakers around the world, including those in the United States, should brace for years of financial pain if incoming President Donald Trump follows through on his promise to introduce new import tariffs. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("0f7e3106 -c4d6-4db4-8135-c508879a76f8"); } else { adpushup.triggerAd("82503191-e1d1-435a-874f-9c78a2a54a2f"); Experts from S&P Global say European and U.S. auto companies could see their annual profits slashed by 17% due to possible tariffs on goods shipped to the U.S. from Mexico and Canada. Some brands' profits may fall by more than 20%. RELATED: Trump promises 25% tariffs on goods from Canada, Mexico on day one The…
Trump pledges to impose 25% tariffs on goods from Canada and Mexico
The president-elect also said he would increase Chinese tariffs by 10% until China cracks down on illegal drug exports to the United States go through Chris Chilton November 26, 2024 07:46 Donald Trump has vowed to impose 25% tariffs on goods shipped to the United States from Mexico and Canada. The re-elected president also pledged to increase existing tariffs on goods from China by 10%. Trump said the new tariffs will remain in place until countries reduce the amount of illegal drugs shipped to the United States. Donald Trump won't return behind his old desk in the Oval Office until January, but he has already promised that one of his first orders of business will be to impose new tariffs on products from neighboring Canada and Mexico, as well as on imports from China. Products are subject to higher tariffs. Trump wrote in his first statement: "On January 20, as one of my first many executive orders, I will sign…
Hyundai and Kia brace for Trump tariffs, Genesis may join them
With the second Trump administration just months away, Hyundai Motor Group is reportedly gearing up for possible tariffs. Genesis could be hit by the trade war, as the luxury brand only makes the GV70 in the United States. According to reports, even if Genesis wanted to build more vehicles in the United States, Korean union members would have to sign off first. Donald Trump's re-election continues to send shockwaves through the auto industry as companies brace for devastating impacts, from crippling tariffs to the possible elimination of electric vehicle tax credits. While no one is sure what to expect, some automakers appear to be preparing for the worst-case scenario. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP") { adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd(" 6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); Genesis may want to be among them, as the luxury brand only builds a handful of vehicles in the United States. The Electrified GV70 was the first Genesis…
BYD will respond to EU tariffs by making most of its electric cars in Europe
BYD plans to move electric vehicle production to Europe and buy from local suppliers in response to EU tariffs. The company is still deciding whether to absorb the cost of the tariffs or pass them on to consumers. The company is also restructuring its German operations to boost sales after a poor launch. "We have a lot of disagreements about the calculations ... it's not a fair judgment," she said. "Politicians should stay away from tariffs, which increase the cost of manufacturing cars and confuse the industry."
Trump now threatens 200% tariffs on Mexican-made cars
Ex-president claims he won't allow Mexican-made vehicles 'to enter the United States' go through Brad Anderson 15 hours ago In 2023, Mexico exported 3 million vehicles to the United States, mainly from leading manufacturers. Trump stepped up his threat to impose 200% tariffs on Mexican-made cars in the run-up to the election. Both the Trump and Harris campaigns have devoted significant resources to convincing Wisconsin voters to support them. Donald Trump has threatened to impose 200% tariffs on vehicles made in Mexico if he wins next month's federal election. If implemented, these tariffs would be the highest in U.S. history and mark a major shift in trade policy. The former president reiterated his position over the weekend at a rally in Juneau, Wisconsin, where he did reiterate his position. double Threat of tariffs on Mexican vehicles. Initially, Trump proposed imposing 100% tariffs, but during the event he raised that number to 200% and said he would not allow the vehicles…
China strikes back at EU, threatens tariffs on luxury cars
China considers higher tariffs on European high-performance internal combustion engine models as EU targets Chinese electric cars The battle between China and the European Union is heating up as a battle over electric vehicle tariffs escalates. China has imposed tariffs of 30.6-39.0% on European brandy and is considering imposing higher tariffs on imported luxury cars. The country also retaliated further by imposing tariffs on European agricultural products such as pork and dairy products. With the European Union on the verge of imposing hefty tariffs on Chinese-made electric vehicles, Beijing is fighting back. The latest blow is "anti-dumping measures" against brandy imports from the EU. China's Ministry of Commerce said the temporary measures will take effect on Friday and imported products will be subject to tariffs of 30.6% to 39.0%. The government said the move was in response to an investigation which found "significant damage to the domestic brandy industry" from European imports. More: EU votes for huge tariffs on Chinese…
EU votes in favor of huge tariffs on Chinese electric cars, but Germany
German automakers including Mercedes and BMW speak out against new tariffs on Chinese electric cars go through Brad Anderson October 7, 2024 11:50 Ten EU member states voted in favor of imposing tariffs on Chinese-made electric cars, while five opposed it. Germany, Europe's largest economy, voted against a tariff increase, raising concerns about potential trade retaliation. China has launched investigations into EU dairy, brandy and pork products in what is widely seen as retaliatory action. European Union member states voted in favor of imposing new tariffs on Chinese-made electric vehicles, although negotiations between EU and Chinese officials are expected to continue. Despite the vote, discussions between the two sides could affect the final outcome of these tariffs. Late last week, 10 EU member states supported the proposed tariff increase, five voted against it and 12 chose to abstain. The only way to overturn a tariff increase is if a qualified majority - the 15 EU member states representing 65% of…
Xpeng Motors may start making electric cars in Europe to avoid tariffs
The Chinese automaker will expand to 40 new countries in 2024 go through Brad Anderson October 4, 2024 06:00 If EU tariffs are approved, Xpeng Motors will be levied an additional 21.3% surtax. The brand also sees the U.S. as an important market but can't launch it locally, at least not yet. Xpeng Motors is open to contract manufacturing in Europe. Xpeng Motors may seek to circumvent European tariffs on Chinese-made electric vehicles by localizing production on the continent. The Chinese electric vehicle startup is undergoing a massive global expansion, with sales starting in nearly 40 new countries in 2024 alone. These include many countries in Europe, but also markets such as Thailand, Malaysia, Singapore, the United Arab Emirates and Australia. EU member states will vote this week on clear new tariffs on Chinese electric vehicles, and if these taxes are passed, Xpeng Motors will be subject to an additional 21.3% tariff on top of the existing 10% tariff it…
World ECR | EU warns of preparations for more tariffs on Sudan
Home > information > EU warns it is ready to impose more sanctions on Sudan to stop fighting escalating The EU warned that it "stands ready to consider additional sanctions, including against leaders involved in the escalating violence in Fasher", the latest frontline in the war that starts in April 2023. "The EU condemns in the strongest terms the sharp escalation of fighting in El Fasher in southwestern Sudan, instigated by the Rapid Support Forces (RSF) against the Sudanese Armed Forces (SAF)," the EU High Representative said in a statement. Josep Borrell, September 22. The European Union has called on the leader of Armed Forces Without Borders, Mohamed Hamdan Dagalo, and the leader of the Sudanese Armed Forces, Abdel Fattah al-Burhan, to come to the negotiating table and seek a peaceful solution to the conflict. "The EU will not witness another genocide and will continue to cooperate with international accountability mechanisms to hold perpetrators accountable for the serious human rights…
Tariffs and bans won’t protect U.S. from Chinese automakers
The Biden administration's crackdown on Chinese electric vehicles may provide a respite for local companies, but it may not last long go through Brad Anderson September 25, 2024 09:11 Local auto brands need to use the existing buffer space to quickly upgrade their technology. A ban on Chinese software and hardware could be implemented starting with the 2027 model year. Analysts warn automakers not to become complacent. Industry experts believe that the recent tariffs imposed by the United States on Chinese-made electric vehicles and vehicles with Chinese software and hardware will not indefinitely block these vehicles from entering the domestic market. Earlier this year, the Biden administration imposed 100% tariffs on Chinese-produced electric vehicles, making it highly uneconomical for brands to sell them in the U.S. The U.S. Commerce Department has since proposed new rules that would ban the sale or import of connected cars with certain parts from countries of concern, such as Russia and China. Read: Biden administration…
NIO hopes Audi’s Belgian plant will avoid EU tariffs
Chinese automaker NIO is reportedly considering acquiring Audi's underutilized factory in Brussels, Belgium. Securing a European production base would allow NIO to avoid a 20% import tariff. The Brussels plant is home to the Q8 e-tron, a model Audi is looking to discontinue sooner rather than later due to slow sales. Chinese automaker NIO is reportedly considering acquiring Audi's factory in Brussels, Belgium, to avoid current import tariffs on electric vehicles entering the European Union and the United Kingdom from China. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd("6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); According to a report brussels timesExecutives from the Shanghai-based company recently toured the factory where the Q8 e-tron is made as they prepare to bid for Volkswagen Group executives to meet a Sept. 23 deadline. Related: Audi wants to stop production of Q8 E-Tron, may close Brussels plant The European Union closed an investigation into Chinese state aid…
NIO hopes Audi’s Belgian plant will avoid EU tariffs
Chinese automaker NIO is reportedly considering acquiring Audi's underutilized factory in Brussels, Belgium. Securing a European production base would allow NIO to avoid a 20% import tariff. The Brussels plant is home to the Q8 e-tron, a model Audi is looking to discontinue sooner rather than later due to slow sales. Chinese automaker NIO is reportedly considering acquiring Audi's factory in Brussels, Belgium, to avoid current import tariffs on electric vehicles entering the European Union and the United Kingdom from China. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd("6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); According to a report brussels timesExecutives from the Shanghai-based company recently toured the factory where the Q8 e-tron is made as they prepare to bid for Volkswagen Group executives to meet a Sept. 23 deadline. Related: Audi wants to stop production of Q8 E-Tron, may close Brussels plant The European Union closed an investigation into Chinese state aid…
USTR Finalizes Action on Section 301 Tariffs
United States Trade Representative (USTR) Announce Final tariff revision after statutory review The Section 301 investigation into the laws, policies, and practices of the People’s Republic of China (PRC) related to technology transfer, intellectual property, and innovation. The final changes included increased tariffs on a variety of products, including critical minerals, batteries, and semiconductors.301 Investigation BackgroundAugust 2017 Office of the United States Trade Representative Investigating China’s acts, policies, and practices regarding technology transfer, intellectual property, and innovation. The agency released an investigation report in March 2018 and began imposing additional tariffs on Chinese products in four batches in June 2018. according to Trade Act of 1974, If USTR receives an appropriate request to continue an action under Section 301, a four-year review is required. The agency is required to review:(A) the effectiveness of (i) such action, and (ii) other actions that could be taken (including actions with respect to other products or services), in achieving the objectives of section 301,…
Freeport marks historic milestone with zero tariffs
On September 12, the Freeport Commission voted to adopt a zero tax rate for the first time ever, marking a new era of financial self-reliance for the Freeport. The move means that the Freeport will no longer collect taxes from the public, a major milestone in the port’s nearly 100-year history. Freeport was founded in 1925 when Brazoria County voters approved the creation of the Brazos River Harbor Navigation District (now Freeport) and a $1 million bond issue to work with the U.S. Army Corps of Engineers to divert the Brazos River. This pivotal decision laid the foundation for economic growth and prosperity in the region, and today’s tax independence reflects that legacy. Reflecting on the achievement, Chairman Ravi Singhania commented: "This milestone is a testament to the hard work and vision of current and former commissioners and staff. It all started with the bold decision of voters in 1925, and we are very proud to carry on their legacy."…
EU may vote on whether to impose tariffs on Chinese electric vehicles this year
The tariffs will take effect in November unless a majority of EU member states vote against them. The European Commission's investigation found that the Chinese government has been providing unfair subsidies to local car manufacturers. Proposed tariffs have been adjusted frequently in recent weeks. The European Union’s long-promised tariffs on Chinese-made electric vehicles are likely to start in November, about six weeks after the bloc voted on Sept. 25 to approve them. var adpushup = window.adpushup = window.adpushup || {que:()}; adpushup.que.push(function() { if (adpushup.config.platform !== "DESKTOP"){ adpushup.triggerAd("4d84e4c9 -9937-4f84-82c0-c94544ee6f2a"); } else{ adpushup.triggerAd("6a782b01-facb-45f3-a88f-ddf1b1f97657"); } }); China has been dealing with the potential impact of additional tariffs since the European Commission launched an investigation into domestically produced electric vehicles last year. Europe has proposed significantly higher tariffs for all applicable brands, but the extent of the tariff increase depends on how well each brand cooperates with the investigation. Read: EU cuts tariffs on Tesla, Geely again, but China hopes to resolve dispute through…
EU cuts tariffs on Tesla and Geely again, but China wants to negotiate
Tesla's tariff rate has reportedly been reduced from 9% to 7.8%, and Geely's tariff rate has been reduced from 19.3% to 18.8%, but China has expressed its willingness to work with the EU to find a solution that satisfies both sides. go through Chris Chilton September 10, 2024 11:50 The European Union has again revised its tariffs on a small number of electric vehicles imported from China. Tesla’s tariff rate has reportedly been reduced from 9% to 7.8%, and Geely’s tariff rate has been reduced from 19.3% to 18.8%. Chinese officials say they are eager to meet with their European counterparts to find a mutually acceptable solution to the trade dispute. The European Union is reportedly making a second round of changes to its tariffs on cars imported from China, and the changes are good news for Tesla and Geely, but Chinese officials say they want to meet with their European counterparts to work out a new deal that both…
EU tariffs on Chinese electric cars threaten Cupra’s future
The Chinese-made Tavascan was subject to an additional 21.3% tariff, on top of the original 10% tariff. go through Brad Anderson September 6, 2024 06:47 The Chinese-made Cupra Tavascan was subject to an additional tariff of 21.3% in the EU. Lower-than-expected sales could put the automaker off track to meet its CO2 emissions reduction targets. The tariffs were supposed to help the European auto industry, but they hurt Cupra. Cupra CEO Wayne Griffiths said new European Union tariffs on electric car exports to China could seriously hurt the brand, saying it might have to reduce production and sack jobs if sales targets were not met. Cupra, a subsidiary of Volkswagen Group's Seat, has grown rapidly, selling more than 246,000 cars last year, despite only being spun off as an independent automaker in 2018. Most of its models are built in Europe, but the new Tavascan will be produced in China, which will be subject to an additional tariff of 21.3%…
“Tariffs are on the table regardless of U.S. importers
In an era of rapidly changing global trade conditions and increasing geopolitical uncertainty, U.S. importers and businesses face complex decisions about their manufacturing strategies. Ongoing trade tensions between the United States and China, coupled with the likelihood of tariffs regardless of the election outcome, have prompted many companies to reevaluate their reliance on Chinese manufacturing. However, the decision to onshore, nearshore, or reshore operations is not an easy one, as evidenced by Foxconn’s decision to invest $137.5 million in China by July 2024. Foxconn will establish a new headquarters in Zhengzhou, China. Also read: Top 25 container ports in the United States To navigate this challenging environment, companies must conduct a comprehensive analysis that spans multiple functions. The first step in this analysis is a thorough cost assessment. Labor costs, In the past, this has often been the main driver for offshoring, but it must be examined carefully. Companies need to compare not only current wage rates, but also long-term…
Canada rejects Tesla’s request to lower tariffs on imported electric vehicles
Tesla does not disclose how many of its Model 3 and Model Y sales in Canada come from China. go through Brad Anderson 20 hours ago The automaker is asking for a 9% tariff similar to what it faces in Europe. Many of the Model 3 and Model Y cars sold in Canada are imported from China. Canada will also impose an additional 25% tariff on Chinese steel and aluminum. Tesla had tried unsuccessfully to convince the Canadian government to lower tariffs on its Chinese-made electric vehicles imported into the country. Instead, authorities imposed the same 100% surcharge on Tesla models as on all other electric vehicles exported from China. Canada’s Ministry of Finance confirmed earlier this week that import tariffs on Chinese electric vehicles will increase from the current 6.1% to 106.1% starting October 1. The move is aimed at combating what it considers “unfair, non-market policies and practices” and China’s “deliberate, state-led overcapacity policies.” The new surcharge comes…
Lotus cuts 2024 production by 78%, blames new US tariffs
Despite setbacks, Lotus is on track to sell more cars this year than it did in 2023 go through Brad Anderson August 30, 2024 06:09 Lotus blamed US electric vehicle tariffs for a 100% drop in sales. Lotus Cars originally planned to produce 76,000 cars by 2025, but that number has now been reduced to 30,000. In the first half of 2024, the brand sold nearly 4,900 vehicles. Lotus expects to produce 12,000 cars by the end of 2024, a sharp drop of 78% from the 55,500 originally planned for this year. The company blames new Chinese tariffs on electric vehicles. Lotus Group CEO Feng Qingfeng recently said during the brand's second-quarter earnings call that the company will have to reposition its products in the U.S. due to a 100% increase in Chinese EV tariffs. In addition to lowering its 2024 forecast, Lotus also slashed its expectations for 2025, now expecting sales of just 30,000 units next year, down from…
Europe cuts tariffs on Tesla amid ongoing boycott
US electric car giant Tesla is benefiting from lower tariffs on its China-made models sold in Europe as the continent continues to struggle to protect its auto industry. In June this year, the European Commission announced that it would impose tariffs of 17.4% to 38.1% on electric vehicles from China. Previously, the EU had imposed a 10% tariff on all imported cars. Tesla's Model 3 produced in China for delivery in Europe was initially subject to a 20.8% tariff, but this did not apply to the Model Y produced in Germany and the Model S and X produced in the United States. CarExpert has hundreds of new car deals available right now. Let the experts help you get the best deal. Browse now. However, following further investigation by the European Commission, Tesla's tariff has been reduced to just 9.0%, but this is in addition to the existing 10% import tax. according to ReutersTesla's tariffs were reduced after the European Commission…
EU cuts import tariffs on Chinese-made Tesla, BMW and Volkswagen electric cars
Tesla's tariff was reduced from 20.8% to 9% after an appeal, and the tariff on Mini electric models was reduced from 37.6% to 21.3% go through Chris Chilton 4 hours ago The European Union has reduced some of the high tariffs it announced in July on electric vehicles imported from China. The tariff rate on Tesla was reduced from 20.8% to 9%, and the tariff rate on BMW Mini electric vehicles was reduced from 37.6% to 21.3%. Volkswagen electric vehicles also benefited, as did electric vehicles produced by some Chinese automakers such as SAIC and BYD. Tesla's business profitability in Europe got a boost today after the European Union announced changes to tariffs imposed in July on electric vehicles shipped from China to Europe. The EU's initial report called for a 20.8% tariff on imported Chinese-made Tesla cars, but that rate has now been reduced to 9% after an appeal. The US automaker requested a recalculation following the release of…
Biden administration raises import tariffs
On July 10, 2024, the Biden administration announced an increase in import tariffs on aluminum and steel products. The increase in tariffs is the latest measure to combat the circumvention of Section 301 tariffs on Chinese-origin products by shipping products through third countries. The changes apply to goods imported or withdrawn for consumption on or after July 10, 2024. Aluminum tariff increase The Administration announced smelter and last minted country requirements for “Product of Mexico” aluminum products. The Administration also announced an increase in the Section 232 tariff rate on “Product of Mexico” aluminum products and derivative aluminum products that are smelted, sub-smelted, or last minted in China, Russia, Belarus, or Iran. The term smelter country is defined as follows: Smelting country of origin: The world's largest producer of new aluminum metal from alumina (or alumina) using the Hall-Heroult electrolysis process. Secondary smelting country: The world's second largest producer of new aluminum metal, whose raw material is electrolytic Hall-Heroult alumina…
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Guide to 2025 China Education Logistics Exhibition (Shanghai) (time, location + how to buy tickets?)
