Sales of Chinese hybrid cars have rocketed in the EU in the past four and a half years, new data shows, underlining growing concerns in Brussels over the future of the European car industry. In 2022, just 659 Chinese-made fully hybrid cars (vehicles in which the petrol or diesel engine charge the motor and battery) were sold in the EU. However, after Brussels imposed anti-subsidy tariffs on fully electric cars from China in 2024, sales of hybrids have shot up to 160,662 in the first seven months of this year.…
Tag: Global economy
EU spends three times more on imports from China than bloc exports there
Consumers and businesses in the EU are spending three times more on Chinese imports than their counterparts in China are buying from the bloc, a study has shown. Customs data showed the gap between the EU’s imports from China and exports to China, the trade deficit, ran at more than €1bn (£860m) a day in July. The new data comes just days after the EU commission president, Ursula von der Leyen, said the trade imbalance must be arrested, and before Xi Jinping’s summit with Donald Trump on Thursday in Washington.…
EU unveils ‘buy European’ public procurement rules to counter China
European authorities will be encouraged to buy more domestic goods and services when they spend public money under the EU latest effort to counter China’s economic might. In a further “Buy European” plan, the European Commission published proposals on Wednesday for a sweeping overhaul of EU public procurement rules. National authorities and public bodies, such as schools and hospitals, will be encouraged to buy goods and services made in Europe but, unlike earlier plans to promote domestically manufactured clean tech, there will be no binding “made in Europe” quotas. Brussels…
Iran vows to retaliate against countries that cooperate with fresh US sanctions
Tehran has vowed to retaliate against any country that cooperates with the US attempt to impose fresh sanctions against Iran in what the Treasury secretary, Scott Bessent, has billed as “the single greatest financial offensive ever marshalled against an adversary”. In advance of the US announcement, the United Arab Emirates, Iran’s single biggest trading partner in the Middle East, announced it was ending all trade with Iran, a move Tehran believes was coordinated between Washington and the UAE. The US has said it will impose sanctions on any country or…
Is the US actually too chicken to take on China for trade?
Since China offered a truce in the trade war last October following its threat to deprive the United States of rare-earth magnets, the Trump administration has been happy to stop escalating. After all, imports from China have been falling, down by 40% in the year to June, compared with the same period in 2024. Best to declare victory and call it a day. But the US hasn’t won this battle – and there’s strong evidence to show it’s too chicken to really try. Last week the White House was forced…
China’s economy showing signs that slowdown may be extending
China’s economy is showing signs of extending a slowdown with a slump in industrial output and retail sales in July, adding to pressure on Beijing to intervene with measures to support activity. After the world’s second largest economy posted one of its lowest quarterly growth readings on record in the three months to June, the latest figures suggest it continued to falter in July. Factory output grew 4.5% from a year earlier last month, compared with 5.3% in June, official figures from the National Bureau of Statistics (NBS) showed on…
After Hormuz, China looks to the promise – and peril – of the Arctic’s ‘ice silk road’
When Marco Rubio suggested that the world should look to new shipping lanes to bypass the logjammed strait of Hormuz, it’s unlikely he had the Arctic’s northern sea route in mind. And yet in recent months the promise of this 5,500km channel – cleaved through frozen seas by nuclear-powered icebreakers and illuminated by a sun that never dips below the Arctic horizon – has grown. Japan, Korea and India have all expressed interest in sending cargoes through the northern sea route (NSR), but it’s China that has established the first…
President Xi nevers wastes a good crisis. As Iran, Ukraine and Palestine distract the world, he tightens his grip | Simon Tisdall
Imagine what would happen if a British prime minister in London told the Scots they could not have their own parliament, national football team or fly the saltire. Or if the Welsh were told their language and poetry were banned and must no longer be taught in schools. The ensuing uproar would probably destroy the United Kingdom. Yet that’s exactly what Xi Jinping, China’s communist emperor, is telling the roughly 125 million members of the 55 ethnic and religious minorities who together comprise about 9% of the country’s (majority Han…
China’s economy grows at 4.3%, one of its lowest rates on record
China has posted worse-than-expected growth figures for the three months to June as its economy expanded by just 4.3% – one of its lowest quarterly readings on record. The rate, which came in under the government’s target of 4.5% to 5%, was one of the weakest since reporting on official quarterly GDP figures began in the early 1990s. The last period when growth was lower was the final quarter of 2022 when the country was still under its three-year period of Covid-19 restrictions. The data released on Wednesday by the…
China’s monthly car exports top 1m for first time as overall trade soars
China’s monthly car exports topped 1m for the first time in June as overall overseas shipments from the world’s second biggest economy rose 27%. Official Chinese customs data showed that a stronger-than-expected trade performance kept China on track to match or beat last year’s record trade surplus of $1tn (£748bn), achieved despite Donald Trump’s curtailed tariff war. Sales of Chinese brands ranging from BYD to Jaecoo are booming, eating into the market shares of long-established brands, particularly in Europe. Analysis by the Mercator Institute for China Studies (Merics) in Berlin…