Results for: US-China Trade

Chinese-backed electric vehicle maker Polestar Automotive is shifting production of cars destined for Europe to its US plant in response to rising geopolitical tensions. The company’s CEO, Thomas Ingenlath, expressed concerns about a potential European probe into Chinese-made EVs and the impact of increased tariffs. Polestar plans to export its Polestar 3 SUV from South Carolina to the European Union, where it currently builds its vehicles in China. The automaker’s efforts come as European and US authorities scrutinize exports by Chinese EV makers, alleging unfair advantages from state subsidies.

US exports to China fell by 4.3% last year to $144.9 billion, due in part to policy changes and China’s economic slowdown. The US-China Business Council emphasized the importance of considering the geopolitical implications of trade policy decisions and the potential consequences for US sectors such as agriculture. Despite the decline, oilseeds and grains remained the top exports to China, while semiconductor and travel services exports dropped significantly.

A Chinese foreign ministry official has accused the US of taking measures to suppress China’s economy and trade, leading to tensions ahead of US Secretary of State Antony Blinken’s visit. The official dismissed US allegations of Chinese overcapacity as a “false narrative” and warned against American interference in the South China Sea.