Chinese EV makers face challenges with EU tariffs, concerns grow about potential trade restrictions

From Business Standard: 2024-06-14 06:50:00

Chinese EV makers faced challenges as the EU imposed steep tariffs of 17% to 30% on their imports, following the U.S. lead. Concerns grew about more restrictions from major markets like the EU and the U.S., as well as potential retaliatory measures from Beijing, impacting global trade relations.

Asian markets were mixed as investors digested US inflation data and Fed rate cut expectations. Shanghai Composite edged up by 0.12% and Shenzhen Component rose by 0.5%, signaling improved risk sentiment. However, mainland stocks fell for the fifth consecutive week due to economic concerns and lack of stimulus measures in China.

Chinese consumer prices rose less than expected in May, with producer prices still in deflation. Vehicle sales increased by 1.5% YoY, down from April’s 9.3% rise. New energy vehicle sales spiked by 33.3% and made up 46.7% of total sales – a new monthly record. Overall, vehicle sales grew by 8.3% in the first five months of the year.



Read more at Business Standard: Chinese stocks hit by tariff jitters | Capital Market News