Chinese EVs Expected to Capture 25% of European Market, Prompting EU Consideration of Import Tariffs
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China's stock market experienced a decline as tensions between the US and China escalated over a new American policy that could disadvantage Chinese electric vehicle (EV) manufacturers. The Shanghai Composite Index fell by 1.3%, or 38.34 points, to close at 2,993.14, while the Shenzhen Component Index dropped by 2.4%, or 226.96 points, to 9,222.47 . China argues that the US Inflation Reduction Act includes discriminatory subsidies that unfairly exclude Chinese-made EVs. In response, China has filed a complaint with the World Trade Organization (WTO) against the Act .
Despite the market downturn, data from the National Bureau of Statistics revealed a strong 10.2% year-on-year increase in industrial profits for the first two months of 2024 .
In addition to the trade tensions, Guangdong Ti...
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