By Reuters  April 6, 2018 | 08:18 am GMT+7 Members of border security forces stand in front of a docking cargo ship at Qingdao port in Shandong province, China March 8, 2018. Photo by China Daily via Reuters The tariffs have stirred fears that the two countries will spiral into a trade war that will crush global growth. President Donald Trump said on Thursday he had instructed U.S. trade officials to consider $100 billion in additional tariffs on China, fueling an already heated trade dispute between the world’s two biggest economies. Trump said in a statement the further tariffs were being considered “in light of China’s unfair retaliation” against earlier U.S. trade actions that included $50 billion of tariffs on Chinese goods. He added that the U.S. Trade Representative had determined that China “has repeatedly engaged in practices to unfairly obtain America’s intellectual property.” U.S. stock index futures … [Read more...] about Trump proposes $100 billion more in new tariffs on China
Exporting new cars to china
Indonesia tries to jump-start car exports to Vietnam
The Indonesian government is planning to change the vehicle type approval (VTA) certificates it issues in an effort to reopen automotive exports to Vietnam. "With the VTA adjustment, Indonesian automotive exports are expected to return to the country," the Jakarta Post quoted Indonesian Trade Ministry international trade director general Oke Nuwan as saying. “The government will convey the change in the VTA certificate to the Vietnamese government to get an immediate response. Hopefully, there will soon be automotive exports to Vietnam,” said Oke. A new regulation issued by Vietnam designed to protect its own developing automotive industry forced Indonesia to stop exports of completely built-up (CBU) vehicles to the country this month, according to the Jakarta Post. The new regulation stipulates that traders are only permitted to import automobiles if they can provide valid vehicle registration certificates issued by authorities from the countries of origin. … [Read more...] about Indonesia tries to jump-start car exports to Vietnam
Auto imports drop following government’s new decree
Only 337 cars of all kinds were shipped to the country, according to data of the General Department of Customs. Of the imports, there were only 17 passenger cars with nine seats or less, amounting to 567,000 USD. Notably, no cars were imported from Indonesia and India. Photo for illustration only In 2017, Indonesia was among the top countries after Thailand with the highest number of exported cars to Vietnam. India too had a relatively large number of exported vehicles in 2016. However, in January this year, both the countries did not export any car to Vietnam. Meanwhile, Thailand lost its recognition as the largest import car market in Vietnam, with only 36 vehicles exported to the country since the beginning of the year. Among the automobile export markets to Vietnam in January 2018, Russia suddenly rose to the top, with 159 vehicles being exported, worth 274 billion VND (12.03 million USD), equivalent to 1.7 billion VND each. Under a deal on autos signed between … [Read more...] about Auto imports drop following government’s new decree
Oil spikes on report of fall in Iran crude exports
World oil prices spiked higher Friday as traders seized on reports that Iranian crude exports were expected to fall significantly this month. Brent North Sea crude for delivery in May jumped as high as $127.06 per barrel in late afternoon London deals. It later finished at $125.13, up $1.99. There was no official word on how much Iranian crude exports may have fallen, but unconfirmed reports swirled about a 14 per cent drop. That was enough to spook the markets. "The news about a decline in the Iranian oil exports offered strong upside momentum to the oil market today, with WTI crude oil surging to retest the $108 per barrel level," Sucden analyst Myrto Sokou added. "The news is likely to support the oil market for the short-term. In addition, the weaker US dollar helped the strong rally." The standoff between the West and crude producer Iran continues to be a key factor affecting oil prices. US President Barack Obama said Friday that tension with Iran and "uncertainty" … [Read more...] about Oil spikes on report of fall in Iran crude exports
US lodges WTO complaint over China auto subsidies
The United States stepped up its fight against Chinese exports Monday with a fresh formal complaint at the World Trade Organization against Beijing's subsidies for its automotive industry. The US Trade Representative announced the new action, accusing Beijing of at least $1 billion in illegal subsidies to automotive exporters between 2009 and 2011. The USTR said China's effort to build its might as an exporter of cars and car parts had taken direct aim at the $350 billion US auto industry as it rebounds from a crippling recession. … [Read more...] about US lodges WTO complaint over China auto subsidies