If Chinese carmakers are to be believed, a lot of people really love karaoke. Those people love karaoke so much that they want it in their family car. This was not something the European mind could comprehend a few years ago, according to Volkswagen’s chief financial officer, Arno Antlitz. Yet the technology, included in electric cars sold by China’s BYD and Xpeng, is just one example of the lessons that Volkswagen and its European counterparts have had to learn as they scramble to keep up with Chinese rivals on track…
Tag: Business
China and Australia cut interest rates; Greggs sales improve as Mac and Cheese goes viral – business live
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Trump tariffs could lead to surge of cheap Chinese vapes in UK, experts say
China is set to flood Britain with cheap vapes, researchers have said, as manufacturers seek to capitalise on the world’s second biggest market after Donald Trump’s tariffs. A trade standoff between Washington and Beijing has thrown the business world into chaos, with investors watching as each country dares the other to blink first. After last week’s uneasy truce, the total US import tax on Chinese-made vapes stood at about 60%. That has sent China’s $11.1bn (£8.4bn) e-cigarette export industry, already scarred by stringent domestic restrictions in 2022, back to the…
This pause in the trade war will be brief. Small businesses, plan accordingly
Donald Trump’s massive Chinese tariffs are on pause. The media debated. Wall Street rejoiced. Many of my clients breathed a sigh of relief. Big retailers jumped for joy. But for how long? For starters, the tariffs that weren’t paused – a 10% levy on all Chinese goods, plus a bonus 20% tax that somehow relates to fentanyl, are still in place. When you take into consideration existing tariffs on steel from previous Trump and Biden administrations, the effective tariff rate on Chinese goods is actually closer to 40%, according to…
Gone in 40 days: how Trump’s ‘liberation day’ tariff assault unraveled
Donald Trump hailed a new chapter in the US’s economic history on 2 April, dubbed “liberation day” by his administration, as he announced plans for an extraordinary barrage of US tariffs on the world. The chapter lasted 40 days. The page has already been turned. But the impact of those six chaotic weeks, from higher prices to slowing growth, is still unfolding – and the US president is already threatening further adjustments. The story continues. Trump had been steered away from his aggressive instincts on trade during his first term,…
Which Trump tariffs are active, which are paused and what’s next?
Over the last few months, Donald Trump has introduced a confusing and evolving slate of tariffs against specific countries and industries that the president has deemed as threats to US industry. Many of his harshest tariffs have been paused, and some exemptions have been made, but a handful of tariffs are still in place. Trump has continued to threaten more of them, though the future of the president’s trade war remains unclear. Here’s what we know so far about the status of US tariffs on imported goods. Active Most of…
TikTok breached EU advertising transparency laws, commission says
The European Commission has said TikTok is in breach of EU digital laws that require transparency over who pays for advertising. The commission reached a preliminary verdict on the Chinese-owned short video platform’s advertising policy, having launched an investigation in February 2024. The company could face a fine of 6% of global annual turnover, if the commission upholds this view. The commission said a separate EU inquiry into TikTok’s suspected failure to guarantee election integrity in Romania, which was launched last December, was ongoing and was a priority. The commission’s…
Trump says he has a ‘little problem’ with Tim Cook over Apple’s India production
Donald Trump has admonished Apple and its chief executive over the tech firm’s reported plans to source production of US-bound iPhones from India. The US president said he had a “little problem” with Apple’s Tim Cook, after reports that the company is planning to switch assembly of handsets for the US market from China to India. “I had a little problem with Tim Cook yesterday,” said Trump, speaking in Qatar on Thursday. Referring to Apple’s recent promise to spend $500bn (£375bn) in the US, he added: “I said to him:…
Nissan open to making cars for Chinese partner in Sunderland, says CEO
Nissan’s new chief executive has said the Japanese carmaker would be open to building cars for a Chinese partner at its factory in Sunderland as he confirmed it would not be closed in a round of deep cost cuts. This week Nissan revealed plans to close seven factories and cut 20,000 jobs after sustaining heavy losses. Ivan Espinosa said on Thursday the UK plant at Sunderland would not be among the factories to close and he would consider building cars for China’s Dongfeng. Sunderland, where it employs 6,000 people, is…
US to cut ‘de minimis’ tariff on goods from China to as low as 30%
The US will cut the “de minimis” tariff for low-value shipments from China to as low as 30%, according to a White House executive order and industry experts, further de-escalating a potentially damaging trade war between the world’s two largest economies. The order published late on Monday offers some relief to big Chinese e-commerce players Shein and Temu and follows a weekend deal between Beijing and Washington to unwind for 90 days most of the tit-for-tat tariffs imposed on each other’s goods since early April. While their joint statement after…