{"id":624132,"date":"2024-06-24T00:00:00","date_gmt":"2024-06-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/24\/eu-tariffs-on-chinese-evs-might-possibly-ease-up\/"},"modified":"2024-06-24T00:00:00","modified_gmt":"2024-06-24T00:00:00","slug":"eu-tariffs-on-chinese-evs-might-possibly-ease-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/24\/eu-tariffs-on-chinese-evs-might-possibly-ease-up\/","title":{"rendered":"EU tariffs on Chinese EVs might possibly ease up"},"content":{"rendered":"

China wants to hash out EV tariffs with the EU: <\/strong>China has agreed to enter into negotiations with the EU over the bloc\u2019s move to impose higher tariffs on imported Chinese EVs, the Financial Times<\/a> reports, with German Vice-Chancellor Robert Habeck paying a visit to Beijing in a bid to \u201c[soothe] tensions.\u201d <\/p>\n

REFRESHER-<\/strong> The EU passed a decision this month<\/a> to push tariffs on imports of Chinese EVs to up to 48% on some vehicles. The move follows an anti subsidy investigation initiated by the supranational political union last year against Chinese EVs.<\/p>\n

Are the tariffs already hitting trade volumes? <\/strong>German exports to China dropped 14% y-o-y last month, the Financial Times<\/a> reports separately. Although tensions could be rising between Beijing and Berlin over the EV tariffs, analysts and economists suggest the export decline is likely attributable to other factors, including weaker auto sales in China or \u201ca lagged impact of the Red Sea blockage.\u201d It doesn\u2019t look like this reading is the start of a new downtrend,\u201d Oxford Economics economist Oliver Rakau said. <\/p>\n

As one door opens, another door closes: <\/strong>The Canadian government is also mulling passing its own set of fresh tariffs on Chinese-made EVs, in a bid to match actions by the US and EU, Bloomberg<\/a> reports, citing people familiar with the matter. The decision is still pending, with public consultations about the matter expected to kick off soon, the business information service cites officials as saying.<\/p>\n

REMEMBER- The Biden administration also revealed plans <\/strong>last month<\/a><\/strong> to nearly<\/strong> quadruple tariffs on Chinese EVs <\/strong>to up to a final rate of 102.5%, as part of an election-year bid to ramp up domestic manufacturing in critical industries. The government accused the Chinese market of \u201ccheating\u201d on trade, and dumping underpriced goods into international markets.<\/p>\n

Chinese EVs are priced notably more affordably than Western brands, with some selling<\/strong> for 20% cheaper in the EU<\/strong>, on the back of Chinese companies supplying a significant portion of global EV batteries, Al Jazeera<\/a> reports. Chinese EVs dominated an 8.2% market share in the EU in 2023, with China\u2019s BYD surpassing Tesla as the world's largest electric car company in 2023. Predictions place Chinese EVs as comprising an 11% market share in the EU in 2024 and possibly 20% by 2027.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

Major Asian benchmarks are each down around 0.6% this morning <\/strong>as the trading week gets started, with only the Nikkei bucking the trend \u2014 it\u2019s flat. Traders are looking forward to Australian and Japanese inflation data this week. US stock futures are down slightly <\/strong>overnight as traders prepare for the last week of the first half of 2024. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong><\/p>\n<\/td>\n

\n

27,062<\/p>\n<\/td>\n

\n

+2.4% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.08<\/p>\n<\/td>\n

\n

Sell 48.22<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.10<\/p>\n<\/td>\n

\n

Sell 48.20<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

27.25% deposit<\/p>\n<\/td>\n

\n

28.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,730<\/p>\n<\/td>\n

\n

+2.0% (YTD: -2.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,013<\/p>\n<\/td>\n

\n

+0.7% (YTD: -5.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

4,012<\/p>\n<\/td>\n

\n

+0.6% (YTD: -1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

5,465<\/p>\n<\/td>\n

\n

-0.2% (YTD: +14.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

8,238<\/p>\n<\/td>\n

\n

-0.4% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n

\n

4,907<\/p>\n<\/td>\n

\n

-0.8% (YTD: +8.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 85.24<\/p>\n<\/td>\n

\n

-0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.71<\/p>\n<\/td>\n

\n

-1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,331.20<\/p>\n<\/td>\n

\n

-1.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 64,015.00<\/p>\n<\/td>\n

\n

-0.4% (YTD: +51.4%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/p>\n

The EGX30 rose 2.44% at yesterday\u2019s close<\/strong> on turnover of EGP 2.9 bn (34.6% below the 90-day average). Local investors were net sellers. The index is up 8.7% YTD.<\/p>\n

In the green: <\/strong>Alexandria Containers and Cargo Handling (+10.0%), Telecom Egypt (+8.1%), and EFG Holding (+6.3%).<\/p>\n

In the red: <\/strong>Edita (-0.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The EU pushed tariffs on Chinese EVs to up to 48% last month<\/p>\n","protected":false},"author":1,"featured_media":624133,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"73f6b6f9-1a97-427c-80d7-bb67059146eb","order":"11","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1450.jpg","photo_position":"above","homepage_title":"","full_issue_title":"EU tariffs on Chinese EVs might possibly ease up","related_issue":[624113],"teaser":"The EU pushed tariffs on Chinese EVs to up to 48% last month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.1107c6e4-d58c-4389-9a90-0ed52296ecf8.mp3"},"yoast_head":"\nEU tariffs on Chinese EVs might possibly ease up - 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His comments come after the government last week said it was in talks with two Chinese companies to partner with El\u2026","rel":"","context":"In "Green economy"","block_context":{"text":"Green economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/green-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/142.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566804,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/14\/cabinet-approves-ev-tariffs\/","url_meta":{"origin":624132,"position":2},"title":"Cabinet approves EV tariffs","author":"enterpriseam admin","date":"14 July 2021","format":false,"excerpt":"Proposed energy tariffs for electric vehicle (EV) charging stations won Cabinet\u2019s signoff today, according to a statement. The tariffs cover both the cost of electricity sold to charging stations as well as charging costs to end users.WHAT DOES INDUSTRY THINK? 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