Gold Near $4,073. Copper Tight. This Drill Hit Came Just in Time.

Dual exposure to two surging metals, plus 17.91% CuEq over mineable width, and infrastructure on site - this is what juniors dream of. And the market is just starting to notice.

EU countries vote to impose duties on China EVs ahead of an end-of-October deadline

LORNE COOK
October 04, 2024

BRUSSELS (AP) -- European Union countries on Friday voted to impose duties on imports of electric vehicles from China, as talks continued between Brussels and Beijing to find an amicable solution to their trade dispute before an end-of-October deadline.

Electric vehicles have become a major flash point in a broader trade dispute over the influence of Chinese government subsidies on European markets -- which has forced the undercutting of EU industry prices -- and Beijing's burgeoning exports of green technology to the bloc.

The European Commission, which manages trade on behalf of the 27 member countries, welcomed their majority approval of its plan to impose the duties, even though EU automotive powerhouse Germany and Hungary voted against it.

Those duties will come into force on Oct. 31 unless China has a solution to end the standoff.

Commission spokesman Olof Gill said that any solution proposed by Beijing would have to be fully compatible with World Trade Organization rules, remedy "the injurious subsidization" by China, and be "monitorable and enforceable."

Beijing opposes the duties. "China firmly opposes the EU's unfair, non-compliant and unreasonable protectionist practices in this case, and firmly opposes the EU's imposition of anti-subsidy duties on Chinese electric vehicles," a spokesperson at China's Commerce Ministry said in comments posted online.

Still, it means that the EU and the Chinese government have four more weeks to negotiate. Talks have already been held between Valdis Dombrovskis, the EU commissioner for the economy, and Chinese Trade Minister Wang Wentao, as well as at the level of technical experts.

The China-EU technical teams are due to resume negotiations on Oct. 7.

The duties on Chinese manufacturers, if applied, would be 17% on cars from BYD, 18.8% on those from Geely and 35.3% for vehicles exported by China's state-owned SAIC. Geely has brands including Polestar and Sweden's Volvo, while SAIC owns Britain's MG, one of Europe's bestselling EV brands.

Other EV manufacturers in China including Western companies such as Volkswagen and BMW would be subject to duties of 20.7%. The commission has an "individually calculated" rate for Tesla of 7.8%.

The retaliatory duties have run into opposition in Germany, which has Europe's biggest economy and is home to major automakers.

Germany's auto industry association, the VDA, said the German government sent the "right signal" by voting against them. Hildegard Müller, who chairs the group, called the decision "a further step away from global cooperation."

She acknowledged that there is a need for negotiations with China and said that they "must prevent an escalation - ideally avert the tariffs, so that we don't risk a trade conflict."

Hungarian Prime Minister Viktor Orbán warned that the EU risks starting an "economic cold war" with China, and he pledged to vote against the duties. "This is the worst thing that can happen to Europe. ... If this continues, the European economy will die," he told state radio.

According to the commission, Chinese-built electric cars jumped from 3.9% of the EV market in 2020 to 25% by September 2023, in part by unfairly undercutting EU industry prices.

Brussels says companies in China accomplished that with the help of subsidies across the production chain. They ran from cheap land for factories from local governments to below-market supplies of lithium and batteries from state-owned enterprises to tax breaks and easy financing from state-controlled banks.

The rapid growth in market share has sparked fears that Chinese cars will eventually threaten the EU's ability to produce its own green technology to combat climate change, as well as the jobs of 2.5 million auto industry workers and 10.3 million more people whose jobs depend indirectly on EV production.

___

Geir Moulson in Berlin contributed to this report.

Continue Reading...

Popular

Lebanon's most wanted drug trafficker taken into custody, authorities say

BEIRUT (AP) — Lebanon's most wanted drug trafficker was arrested Thursday after years on the run, authorities said.

Trump attacks ABC News correspondent Mary Bruce in angry response to three sharp questions

NEW YORK (AP) — President Donald Trump denounced ABC News' Mary Bruce as a “terrible reporter” Tuesday and threatened the network's license to broadcast after she asked him three sharp questions at the White House.

The Market Just Crossed a Dangerous Line - Ad

The man who predicted the 2008 crash and 2020 says today's soaring markets are NOT a bubble - they're something far stranger and more dangerous. He says it's about to change everything you know about money.

As infant botulism cases climb to 31, recalled ByHeart baby formula is still on some store shelves

As cases of potentially deadly botulism in babies who drank ByHeart infant formula continue to grow, state officials say they are still finding the on some store shelves.

Trump administration revives rollbacks of species protections from first term

BILLINGS, Mont. (AP) — President Donald Trump's administration moved Wednesday to roll back protections for imperiled species and the places they live, reviving to regulations during the Republican's first term under former Democratic President Joe Biden.

Congress to Feature Trump on $100 Bill? - Ad

A shocking new plan was just introduced in Washington; to celebrate Trump's new "golden age" by placing him on the $100 bill. In the months ahead, this former Presidential Advisor predicts the government will release a massive multi-trillion-dollar asset which it has held back for more than a century.

Schwab: Half Of US Investors May Ditch Other Assets For ETFs — 4 Funds To Watch

Nearly half of ETF investors could go all-ETF within five years, Schwab says. Here's how they're building portfolios with funds like ITOT, BND, and XLK.

Democratic senator accuses Trump of playing politics with aviation safety during shutdown

Democratic Sen. Tammy Duckworth suggested during a hearing Wednesday that the Trump administration was playing politics with the aviation system during to force an agreement to reopen the government.

America's Defense Future Starts Underground - Ad

A N. American metals project just caught the attention of Rio Tinto - a mining giant. With four projects in key regions, this firm is aligned with Washington's push to rebuild the defense-metal supply chain.

These are the 37 donors helping pay for Trump's $300 million White House ballroom

WASHINGTON (AP) — President Donald Trump says his $300 million White House ballroom will be paid for “100% by me and some friends of mine.”

Trump Wants Washington Commanders' $3.7 Billion Stadium Named After Him: Report

President Donald Trump is seeking to have the Washington Commanders' new $3.7 billion stadium named after him.

Metals... Not Missles... Is the New Arms Race - Ad

China and Russia control 70% of the world's critical minerals, giving them leverage over the West. One N. American discovery could help shift that balance by developing the metals essential for defense systems.

France threatens to block Shein over sale of childlike sex dolls ahead of Paris store opening

PARIS (AP) — French authorities have warned they may block access to after it emerged that the online fast fashion giant had been selling sex dolls with a childlike appearance.

Trump Clash Looms Over Zohran Mamdani's NYC Agenda

Zohran Mamdani readies legal, fiscal defenses as Trump threatens funding cuts, enforcement pressure and troop deployments targeting New York City.

This Is the Type of Drill Hole That Changes Everything - Ad

A 19.5 metre zone returned 6.93% CuEq with a core 6.3 metre interval at 17.91%. The structure is bigger, richer, and more gold-loaded than expected. Drilling is active, and majors are watching.

Pete Hegseth Says War Department Preparing For 'Action' In Nigeria

U.S. Defense Secretary Hegseth agrees with Trump's order to prepare for action in Nigeria to stop the killing of Christians by Islamist militants.

"Tech Prophet" Who Predicted the iPhone Now Predicts... - Ad

George Gilder - who predicted the iPhone 17 years early and gave Reagan the first microchip - is making his boldest call yet. He says an American nanotech "super-convergence" could mint more millionaires than any event in recent memory. He's found 3 stocks set to benefit the most.

Warren Buffett Opens Up About The Biggest Investing Blunders Of His Career — Here They Are

Over the decades, the "Oracle of Omaha" has shared candid reflections on his biggest blunders, from emotional decisions to missed opportunities, all of which provide timeless investing insights.

Indians who fled a Myanmar cyberscam center are being flown home from Thailand

MAE SOT, Thailand (AP) — is repatriating on Thursday the first batch of hundreds of its nationals who last month fled to Thailand from Myanmar, where most had been working at a .

Trump Signs Law to Launch Dollar 2.0 - Ad

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

UPS cargo plane with 3 aboard explodes on takeoff at Louisville airport, igniting huge fire

LOUISVILLE, Ky. (AP) — A large UPS cargo plane with three people aboard crashed Tuesday while taking off from an airport in Louisville, Kentucky, igniting an explosion and massive fire that left a thick plume of black smoke over the area.

Abu Dhabi hosts oil summit as OPEC+ halts production hikes planned for first quarter of 2026

ABU DHABI, United Arab Emirates (AP) — Abu Dhabi hosted a major oil summit Monday, hours after the OPEC+ cartel and its allies said it would halt further production increases planned in the first quarter of 2026 over concerns of too much supply in the market.

Elon's $25 Trillion Confession - Ad

Elon Musk: "Tesla will become a $25 trillion company." That would make Tesla 8x bigger than Apple today. How is that possible? He admits it's all thanks to this one AI breakthrough that will take AI out of our computer screens and manifest a 250x boom here in the real world.

Can Solana Do What Bitcoin Can't? Amplify's New ETF Aims For 36% Income

Amplify ETFs, the issuer known for thematic and income-driven fund products, has just launched the Amplify Solana 3% Monthly Option Income ETF (BATS:SOLM), a first-of-its-kind product combining the growth momentum in Solana (CRYPTO:

Copper and Gold in Scale, Not Just Grade - Ad

This isn't a narrow system. It's a thick, mineralized zone delivering copper and gold together - in a province with infrastructure in place. New drill targets are already being tested.

Taylor Swift, Elon Musk, Donald Trump, MrBeast — Robinhood Just Made Their Mojo Tradable

Robinhood has new prediction markets for its customers, with a focus on the entertainment sector. Here are some of the new markets.

Cathie Wood Goes All-In On Peter Thiel's Crypto Play Bullish With Back-To-Back Million-Dollar Buys

Cathie Wood-led Ark Invest purchased shares in Bullish, a crypto exchange backed by Peter Thiel, through three of its funds. Other key trades were also made, including buying shares in CRISPR and Beam Therapeutics.

Gold Near $4,073. Copper Tight. This Drill Hit Came Just in Time. - Ad

Dual exposure to two surging metals, plus 17.91% CuEq over mineable width, and infrastructure on site - this is what juniors dream of. And the market is just starting to notice.

Britain's Treasury chief prepares the ground for a tax-hiking budget

LONDON (AP) — U.K. on Tuesday signaled she will raise taxes in her budget this month, arguing that the economy is sicker than the government knew when it took office last year.

Zohran Mamdani Was Crypto Bettors' Overwhelming Favorite For New York City Mayor At 100% Odds — And He Just Won

Zohran Mamdani won the high-stakes New York City mayoral race Tuesday,  a victory widely anticipated by cryptocurrency bettors, who had overwhelmingly backed the Democratic Socialist.

The Market Just Crossed a Dangerous Line - Ad

The man who predicted the 2008 crash and 2020 says today's soaring markets are NOT a bubble - they're something far stranger and more dangerous. He says it's about to change everything you know about money.

Japanese game maker Nintendo reports zooming sales and profit on its hit Switch 2 machine

TOKYO (AP) — Japanese video-game maker Nintendo’s net profit jumped 85% in April-September from the year before, as its sales more than doubled following the launch of its hit Switch 2 console in June, the company said Tuesday.

Donald Trump's Popularity Falls As Shutdown Drags On

President Donald Trump's approval rating has continued to drop, with the latest poll showing a significant decline, raising concerns for the Republican Party as the 2026 midterm elections approach.

Congress to Feature Trump on $100 Bill? - Ad

A shocking new plan was just introduced in Washington; to celebrate Trump's new "golden age" by placing him on the $100 bill. In the months ahead, this former Presidential Advisor predicts the government will release a massive multi-trillion-dollar asset which it has held back for more than a century.

Why Did MediciNova Stock (MNOV) Jump Over 87% In After-Hours Trading?

MediciNova shares soared over 87% in after-hours trading on Thursday following the publication of promising research.

Trump Touts 'Really Good Deal' With China As US Stock Futures Rally — Dow Up 91 Points While Gold, US Dollar Remain Flat

U.S. stock futures are surging on Sunday evening, following greater clarity and easing trade tensions between the United States and China over the weekend, following the summit between President Donald Trump and Chinese President Xi Jinping in South Korea last week.

America's Defense Future Starts Underground - Ad

A N. American metals project just caught the attention of Rio Tinto - a mining giant. With four projects in key regions, this firm is aligned with Washington's push to rebuild the defense-metal supply chain.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright trendadvisor.net
Privacy Policy | Terms of Service