Import Tariffs

The Biden administration plans to raise tariffs on solar wafers, polysilicon and some tungsten products from China to protect US clean energy businesses. The notice from the US Trade Representative's office said tariffs on Chinese-made solar wafers and polysilicon will rise to 50% and duties on certain tungsten products will increase to 25%, effective on Jan. 1, following a review of Chinese trade practices. The tariff increases announced today will further blunt the harmful policies and practices by the People's Republic of China," USTR Katharine Tai said in a statement. "These actions will complement the domestic investments made under the Biden-Harris Administration to promote a clean energy economy, while increasing the resilience of critical supply chains. Last week, Washington tightened restrictions on Chinese access to advanced semiconductor technology. Beijing responded by banning exports to the US of certain critical minerals needed to make computer chips, such as gallium,

Firms exposed to trade with China in particular, about half of publicly listed companies, saw bigger stock market losses on days when import tariffs were announced during 2018 and 2019

Chinese EV maker BYD has been scouting for locations to build a plant in Mexico but has said repeatedly that the factory will serve the domestic market

The rupee recovered from its all-time low level and settled for the day with gains of just 3 paise at 84.69 (provisional) against the US dollar in a range-bound trade on Tuesday, amid a positive trend in domestic equities. Forex traders said the rupee has been on a downtrend largely on the back of Donald Trump's rhetoric on BRICS currency, political instability in the Eurozone, weaker domestic macroeconomic indicators and unabated foreign portfolio outflows. US President-elect Trump on Saturday threatened a 100 per cent tariff on BRICS nations if they act to undermine the US dollar. Moreover, market participants are also awaiting cues from the upcoming RBI monetary policy on December 6, which will likely focus on balancing inflation and growth. At the interbank foreign exchange, the rupee opened at 84.75 and moved in a narrow range and touched an intra-day high of 84.64 and an all-time low of 84.76 against the greenback. On Monday, the rupee depreciated 12 paise to close at an ...

The Institute for Supply Management (ISM) said on Monday its manufacturing PMI increased to 48.4 last month from 46.5 in October, which was the lowest level since July 2023

Tariffs are unlikely to be imposed at those levels, but were Trump to follow though, the universal 10 per cent tariff could add as much as 1.8 percentage points to US inflation

Chinese state-owned automotive giant SAIC Motor will pay the top tariff of 35.3 per cent, BYD 17 per cent, and Geely 18.8 per cent, in addition to the standard 10 per cent EU import duty

Malaysia remains optimistic about palm oil exports to India despite recent import duty hike, with the Malaysian Palm Oil Council (MPOC) Chairman Dato Carl Bek Nielsen emphasizing the long-standing trade relationship between the two countries. In an interview to PTI, Nielsen stressed that India, being the world's largest palm oil importer, continues to be an "incredibly important market" for Malaysian palm oil. He pointed out that such tariff adjustments have occurred in the past and are part of the normal trading relationship between the two countries. "This has been done before. Duties have been raised, and duties have been reduced, and we will see that this pattern will repeat itself in the future," Nielsen said. He said that the council's approach would be based on long-term partnership rather than "short-term knee-jerk reactions." He also added that the council is "not worried" about the tariff changes because there are other countries which would want to buy Malaysian palm oi

Think tank GTRI has criticised Donald Trump's claim that India is an "abuser" of import tariffs, noting singling out high tariff items do not present the real trade picture

The move could lift edible oil prices and dampen demand and subsequently reduce overseas purchases of palm oil, soyoil and sunflower oil

Prime Minister Justin Trudeau said Ottawa was acting to counter what he called China's intentional, state-directed policy of over-capacity

Volkswagen AG's Chinese partner is in the initial stages of selecting a site in the European Union as part of its future plan to localise production, Chief Executive Officer He Xiaopeng said

Tesla had requested a recalculation of its rate to be based on the specific subsidies the company had received, according to the Commission

Economic discontent towards China has intensified in Southeast Asia as Chinese companies with surplus inventory are selling goods at give-away prices

India on average has been importing 1.2 million tons of edible oil so far in the current marketing year which began November 2023.

Ahead of the Union Budget, India Cellular & Electronics Association (ICEA) has recommended reduction in input tariffs for building a strong components ecosystem. ICEA based its recommendations on a "tariff study" it conducted across seven competing economies, including India. "...high tariffs on inputs limit the very engine of growth that would lead to higher production. High tariffs on inputs reduce exports because they become uncompetitive, leading to lower production of the final product, i.e., mobile phones. Addressing this requires a reduction in tariffs on inputs. "We recognise that developing the domestic supply chain is extremely critical but the right way is not by protecting with high tariff but drastically reducing disabilities by creating competitiveness and infuse incentive schemes wherever there are gaps," the report, which was released on Tuesday, said. To attract global value chains (GVCs) and increase the scale of production, ICEA said all tariff lines that ...

According to draft norms, every exporter should furnish a declaration specifying the amount of the full export value of the goods or services

After the US said in May it was planning to nearly quadruple tariffs, the European Union this month notified companies including BYD and Geely it will slap levies

China's Commerce Ministry on Thursday accused the European Union of making unreasonable demands in its investigation into imports of Chinese electric vehicles before announcing it was raising tariffs by as much as 38 per cent. Ministry spokesman He Yadong said the European side had demanded excessive amounts of information from Chinese automakers and then unfairly accused the Chinese companies of failing to cooperate. The types, scope, and amount of information collected by the European side are unprecedented, far exceeding the requirements of anti-subsidy investigations, He said. He said that included requiring details on manufacturing and development, technology and product formulas, among other aspects, from Chinese electric vehicle and battery companies. "After Chinese companies did their best to cooperate with the investigation and provided information, the European Commission still unreasonably accused Chinese companies of not fully cooperating and imposed punitive high tax ..

EU tariff on Chinese EVs explained: The new tariffs are set to take effect from July 4, unless ongoing discussions with Chinese authorities yield a different outcome