Aswat Asharq Al-Awsat :

Aswat Asharq Al-Awsat : Chinese Automakers Seek Retaliatory Tariffs on EU Cars

A BYD Ocean-M electric car is displayed at the Beijing Auto Show in Beijing on April 25, 2024. (Photo by Pedro PARDO / AFP)
A BYD Ocean-M electric car is displayed at the Beijing Auto Show in Beijing on April 25, 2024. (Photo by Pedro PARDO / AFP)
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Chinese Automakers Seek Retaliatory Tariffs on EU Cars

A BYD Ocean-M electric car is displayed at the Beijing Auto Show in Beijing on April 25, 2024. (Photo by Pedro PARDO / AFP)
A BYD Ocean-M electric car is displayed at the Beijing Auto Show in Beijing on April 25, 2024. (Photo by Pedro PARDO / AFP)

Chinese automakers have urged Beijing to retaliate against Brussels' decision to place curbs on Chinese electric vehicle exports by raising tariffs on imported European gasoline-powered cars, the state-backed Global Times newspaper said on Wednesday.
In a closed-door meeting on Tuesday also attended by European automakers, Chinese car companies and industry groups suggested authorities hike tariffs on large gasoline-powered vehicles imported from the European Union, the report said, according to Reuters.
EU trade policy is turning increasingly protective owing to concerns China's production-focused, debt-driven development model could see the 27-member bloc flooded with cheap goods, including EVs, as Chinese firms look overseas due to weak domestic demand.
The European Commission's June 12 announcement that it would impose anti-subsidy duties of up to 38.1% on imported Chinese EVs from July follows the United States hiking tariffs on Chinese cars in May, and opens a new front in the West's trade war with Beijing, which began with Washington's initial import tariffs in 2018.
The Global Times first reported late last month that a Chinese government-affiliated auto research center was suggesting China raise its import tariffs on large gasoline-powered cars to 25%, citing an industry expert.
China's current import tariff for cars is 15%.
Chinese authorities have previously hinted at possible retaliatory measures through state media commentaries and interviews with industry figures.
The same newspaper last month also hinted that Chinese firms planned to ask authorities to open an anti-dumping investigation into European pork products, which China's commerce ministry on Monday announced it would undertake. It has also urged Beijing to look into EU dairy imports.



Aswat Asharq Al-Awsat : Gold Drifts Higher as US Rate Cut Optimism Boosts Appeal

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
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Gold Drifts Higher as US Rate Cut Optimism Boosts Appeal

A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)
A jeweller shows a gold bar at his shop in downtown Kuwait City on May 20, 2024. (Photo by YASSER AL-ZAYYAT / AFP)

Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more US economic data for further monetary policy cues.

Spot gold rose 0.1% to $2,423.89 per ounce by 0140 GMT. On Monday, prices hit their highest level since May 20, when bullion scaled a record peak of $2,449.89.

US gold futures were flat at $2,429.90.

"Powell continued to lay the groundwork for upcoming policy easing. A rate cut in September is now fully priced in by markets, which may keep sentiments in gold prices well-supported in the lead-up," said IG market strategist Yeap Jun Ron, Reuters reported.

Powell said on Monday the three US inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion, remarks that suggest a turn to interest rate cuts may not be far off.

When interest rates decrease, the allure of non-yielding bullion typically increases.

Investors were awaiting US retail sales data due at 1230 GMT on Tuesday and comments from Fed governors Christopher Waller and Adriana Kugler later this week for further direction.

A subdued retail sales report may underpin gold prices on dovish Fed bets, while a break to a fresh high will mark a continuation of gold's broader upward trend, which may leave the $2,600 level on watch next, Yeap said.

Elsewhere, India's four-week platinum imports from mid-June eclipsed 2023's total as bullion dealers exploited a loophole by registering alloys containing around 90% gold as platinum to avoid higher duties, government and industry officials told Reuters.

Among other metals, spot silver fell 0.9% to $30.72 per ounce and platinum eased 0.4% to $991.40, while palladium rose 0.2% to $951.84.