Friday, 20 July, 2018

China says it must 'counterattack' for US tariff hike

Ford’s Chinese sale slump worsens as buyers await overhauls to aging vehicles Ford slides deeper into China rut after worst ever H1 vehicle sales
Jean Garcia | 08 July, 2018, 17:09

At the same time, China is planning a retaliation of its own with tariffs targeting $34 billion in soybeans, cars and other products imported from the U.S.

As a response, Beijing is expected to impose retaliatory tariffs on Friday against the USA, which could escalate the trade war between the world's two biggest economies and have a spillover effect on other regions.

After the Trump administration announced imposing tariffs of 25 percent on steel and 10 percent on aluminum imports in March, China said it would impose $3 billion worth of tariffs, between 15 to 25 percent, on 128 American goods.

Ford encouraged the United States and China to resolve their dispute, and said it would "monitor the situation as it evolves". Last year, it shipped about 80,000 vehicles to China from North America, more than half of them its upper-end Lincolns - including the Lincoln Continental sedan and the Lincoln MKX crossover SUV.

GM sold 4.04 million vehicles in China last year, up 4.4 percent from a year earlier.

Ford and Lincoln both cut prices on imported models in May after China announced steep tariff cuts for automobiles and auto parts that came into effect from July 1.

USA attitude during denuclearization talks 'regrettable', says North Korea
However, the statement also appeared to separate North Korea's annoyance with the USA from its relationship with Trump himself. And he said progress had been made towards agreeing "the modalities" of North Korea's destruction of a missile facility.

Ford's imported vehicles have faced unusual delays at customs recently, with officials asking for extra technical checks, Reuters reported in May.

Other firms that export US -made cars to China include BMW (BMWG.DE), Daimler's Mercedes and Tesla (TSLA.O).

Ford Motors' luxury unit Lincoln delivered a total of 24,314 vehicles in the first half of this year in China, up 4 percent year on year, according to a statement provided by the company on Friday.

China is General Motors Co's (GM.N) largest market.

"China will never fire the first shot", Gao said.

"An increase in input costs might have a temporary impact on margin but, if the impact were large enough to cause a downturn in auto demand, given the industry's capital intensity, the impact could be much more devastating", Whiston says. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy.

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