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GLOBAL TRADE From FARMS to FINANCE BlowMe AI: US Economy on Brink of Collapse... BRICS ditching the U.S.! PLAY YOUTUBE VIDEO Original article: https://www.youtube.com/watch?v=NHCV_O4aZLk Peter Burgess COMMENTARY Peter Burgess
From FARMS to FINANCE: US Economy on Brink of Collapse... BRICS ditch the U.S.! BlowMe AI 61.6K subscribers Oct 12, 2024 The BRICS nations are challenging U.S. economic dominance from agriculture to finance. Discover the key strategies used by BRICS countries to weaken U.S. control over global markets and shift the power dynamics in their favor. Whether it's trade, investments, or innovative financial systems, BRICS is making waves. Join us as we explore the implications of this global economic shift and what it means for the future. Join this channel to get access to perks: / @blowmeai Transcript 0:00 the bricks nations are not just moving forward they're already winning the global economic Challenge and the results are pretty amazing for more than a decade the brics group has been comprised of five countries dominated by China especially since member Russia launched its full-scale invasion of Ukraine the group has positioned itself as a counterweight to Western democracies that dominate the world economy remember when the US dollar was the Undisputed king of global trade well those days are numbered brics is a thrilling transformation that's got the West especially the US breaking out in a cold sweat it looks like Donald Trump's proposal for 100% tariffs on non-dollar users is his last ditch effort to counter a reality that's already unfolding and we will keep the US dollar as the world's Reserve currency and it is currently under major Siege many countries are leaving the dollar you're not going to leave the dollar with me I'll say you leave the dollar you're not doing business with the United States cuz we to put 100% tariff on your goods I I I'm very much a traditionalist I 1:04 like staying with the dollar you know that from when I there it's make make the dollar the choice I hate when countries go off the dollar I would not allow countries to go off the dollar because when we lose that standard that will be like losing a revolutionary war that will be that will be a hit to our country just like losing a war and we can't let that happen and too many countries now are fighting to get off the dollar born from the brilliant mind of Jim O'Neal back in 2001 bricks began as a catchy acronym for Brazil Russia India and China by 2009 these powerhouses decided to make it official holding their first summit in Russia to discuss Global Financial reforms in 2010 South Africa jumped on board completing the five in 2023 bricks went supersized five new members joined the party each Egypt Ethiopia Iran Saudi Arabia and the 2:03 United Arab Emirates and another 22 countries are formally knocking on the door with over 40 more expressing informal interest bricks isn't just a fancy Club it's an economic Juggernaut nearly half the world's population 46% to be exact and 36% of global GDP they've officially outpaced the G7 to put it in perspective the original bricks accounted for 40% of the world's population and generated 32 2% of global economic output in 2022 China alone accounts for 70% of Brick's GDP compare that to the G7 home to just 10% of the world's population and about 30% of global GDP even if you throw the EU into the mix they only reach 133% of the population and 38% of global output the numbers don't lie but brics isn't just about size they've got some serious goals boost the global South demand and give the current global system a much-needed makeover as South African president siril roposa put it 3:04 new realities call for a fundamental reform of the institutions of global governance so that they may be more representative and better able to respond to the challenges that confront Humanity brics has taken some serious initiatives take the new development bank it's like the world bank then there's their contingent Reserve Arrangement and let's not forget their alternative payment system that's giving the US dollar a run for its money speaking of money let's talk dollarization Brazil's president Lula D Silva is shouting from the rooftops about ending dollar dependency China's busy weaving a global web of currency swap lines bricks has some beef with the current Financial s item the World Bank and IMF according to brics they're squeezing developing countries dry with their tough love policies oxfam's research backs this up showing that for every dollar that the IMF provides to a poor country for social spending it requires the country to cut four times 4:02 more through austerity measures bricks is Making Waves in the agricultural world and it's not just small potatoes they're dominating the grain field matching the USA and EU with the new members on board they're looking at controlling 28% of global grain exports it's a potential GameChanger for Global Food security but it's not just grains bricks countries are carving out Hefty slices of the meat fruits and nuts and fats and oils markets and let's not forget their stronghold on oil seeds cotton and fish Brazil's cornering the soybean and coffee Market Russia's wheat is feeding the world and India's rice is a global Staple in 2021 bricks accounted for 19% of global grain exports on par with the USA and EU in the meat market they held 16% of exports fruits and nuts 12% and fats and oils 9% for oil seeds and cotton bricks is the top contender accounting for around 40% and 45% of 5:02 exports respectively Brazil in particular is a soybean Powerhouse in 2021 it accounted for 85% of bricks oil seed exports worth about $39 billion almost 23ds of this was traded within brics showing just how interconnected these economies are becoming but what impact does it have on us agriculture for decades the United States was the world's Bread Basket but since 2019 we've seen a big shift the US has had trade deficits in agriculture for four out of six years that's a massive change from the historical Norm China a major Global consumer of agricultural products is at the heart of this change they recently shocked the global wheat markets by cancelling massive orders from both the US and Australia we're talking about 240,000 tons of us Soft Red wheat followed by another 264,000 tons and a staggering 1 million tons from a Australia that's the largest 6:01 cancellation on record what's particularly intriguing is what happened next Bloomberg usually the goto source for this kind of data couldn't track where China got the 1.5 million tons of wheat to replace these canceled orders this lack of transparency is a direct result of the new bricks trading systems which operate outside of traditional Western dominated channels this shift is having a big impact on us and Western Farmers without a clear view of global demand and supply they're essentially Flying Blind when making crucial decisions about crop planting this lack of information could lead to overproduction in some areas and shortages in others potentially destabilizing Global Food Markets on top of that the price of corn and soybeans in the US has fallen by 30% in the last year usually when prices drop like this it leads to more Global demand but this time exports haven't risen as much as they usually do instead countries like China are turning more and more to other brics nations like Brazil for their agricultural needs now let's talk about energy this is another Arena where brics is flexing its muscles and the numbers 7:06 are staggering with the new oil Rich members brics has skyrocketed from controlling 8% of the world's oil reserves to a staggering 40% gas reserves they've got over half the global share at 53% production-wise they've more than doubled going from 20% to 40% in oil production and from 22% to 32% in gas production and with Middle Eastern heavyweight now in the mix brics is poised to rewrite the rules of the energy game Saudi Arabia Iran and the UAE brings substantial oil and gas reserves to the table dramatically increasing brics's influence in global energy markets but here's where it gets really interesting the Petro dollar for decades oil has been priced and traded in US Dollars giving America a massive economic Advantage but bricks they're not having it they're pushing for a multicurrency system that could turn the oil market and by extension the global 8:02 economy on its head the South China Morning Post reports that Saudi Arabia is open to the idea of a Petro Yuan which could easily extend to agricultural trade this isn't just about oil it's about reshaping the entire Global Financial system speaking of reshaping let's talk about brics's financial initiatives the new development Bank formerly known as the brics bank is increasing lending in currencies other than the dollar this move led by the bank's president and former Brazilian leader Dilma rusf is creating new ways to fund development that don't rely on traditional Western institutions but perhaps the most significant development is brics's move towards an alternative International payment system this system will operate outside the Swift Network which is mostly controlled by the US it will allow for direct trading without the need for dollar intermediation this is a direct challenge to US Financial dominance and it's gaining traction fast 9:01 the numbers tell a compelling story when you adjust for the cost of living in different countries using GDP at purchasing power parody The Bricks economies are now bigger than the G7 China is leading the way with a GDP of 35 trillion followed by the us at $28.8 trillion and India at 14.6 trillion according to the latest IMF data this economic clout is making an impact in the real world more countries now have China as their biggest trading partner than the US this is a huge change from just two decades ago and it's changing the way global trade works and influencing economic alliances the West's response to all this it's a mix of concern and confusion there's worry about the fragmentation of the global system they've dominated for so long former US president Donald Trump has suggested imposing 100% tariffs on countries that move away from using the dollar but these moves could backfire speed beating up the very dollarization 10:01 they're trying to prevent for the EU it's a particularly tricky situation they've got deep trade ties with bricks but they're also watching their Global influence slowly slip away in 2022 the EU exported 12% of its agricultural products to brics countries and sourced around 22% of its agricultural imports from bricks they're trying to keep up with initiatives like ndic Global Europe and the global gateway strategy but it's it's an uphill battle against brics's momentum JP Morgan said in a recent report that we're probably going to see the start of separate economic and financial areas where different currencies and markets are going to be more important this regionalization of the global economy could change everything from trade to geopolitics with agriculture playing a big part in this new landscape these developments pose significant challenges for the West particularly the United States 11:00 the dollar has been crucial for financing large deficits and projecting Global influence as this system weakens Western economic dominance may be compromised making it harder to influence global food prices and distribution the rise of bricks indicates a more multi-polar world with the global South gaining a stronger voice in international Affairs this is evident in United Nations voting patterns and agricultural policy structures brics is challenging traditional velopment views by moving away from the Washington consensus model inspiring other emerging economies to develop their own agricultural sectors and ensure food security this growth is not just numerical it signals potential for further expansion while many Western economies face slow growth and declining manufacturing brics nations are experiencing strong economic expansion India's economy is projected to grow over 6% annually for the next 5 years and China is still outpacing most developed econom economies despite its slowdown this growth is changing the way 12:02 the global economy is structured turkey and Mexico for instance now have economies that are larger than Italy's when measured by GDP Indonesia has overtaken the UK and France these aren't just random stats they're a sign of a major change happening in the global economy as bricks grows they're changing the rules of the game for everyone else businesses policy makers and citizens alike must adapt to these changes it's not yet clear if this will lead to a more balanced global economy or if it will cause tensions to rise what we do know is that the West is losing its dominance Europe and the US does have to keep an eye on this because 40 countries expressed an interest in joining bricks ahead of these six being invited 25 formerly applied to join bricks and that does rather suggest that the West is losing its s in parts of the world particularly in the South and that prime minister Justin Trudeau announced Canada would be imposing a tariff on Chinese 13:00 made electric vehicles as well as on Chinese aluminum and steel China has launched a retaliatory strike against Canada that threatens to devastate one of the country's most vital agricultural exports Canadian canola farmers are bracing for the possible loss of one of their best customers China the impact of political decision on the other side of the world has a direct impact on our bottom line Beijing has launched an investigation into what it calls potential unfair Trade Practices accusing Canada of dumping cheap canola into the Chinese market this aggressive move comes as a direct response to Canada's recent implementation of tariffs on Chinese made electric vehicles and Metal Products is coming justtin sure to announce that there will be a 100% tariff on all Chinese made EV EVS or he heavily subsidized ones and as well a 25% tariff on steel and aluminum coming from China now this is a change that's in line with the US that move forward with these tariff hikes in May and since then there have been calls 14:03 from the industry Ontario's premere and experts to move forward when governments take actions uh to support um certain sectors or industry um there is risk um to exposing others last year Canada exported $5 billion worth of canola to China it's going to be a long and difficult path there is no easy sitcom problem solved before the next commercial break here on October 1st 2024 Canada took the bold and controversial step of imposing tariffs on chines made EVS effectively doubling their price in the Canadian Market this measure was swiftly followed by an announcement of a 25% tariff on Chinese steel and Aluminum Products set to take effect on October 15 2024 these actions align Canada with its allies the United States and the European Union in their efforts to counter what they perceive as unfair 15:00 Chinese Trade Practices prime minister Justin Trudeau Justified these measures stating actors like China have chosen to give themselves an unfair advantage in the global Marketplace compromising the security of our critical Industries and displacing dedicated Canadian Auto and metal workers so we're taking action to address that the Canadian government's rationale centers on protecting domestic industries from what it sees as China's state-directed policy of overc capacity and over Supply as as well as concerns over labor and environmental standards in Chinese manufacturing China has become the first nation to sell over 1 million EVS in a single month this Milestone achieved in August underscores China's dominance in the global EV Market Chinese automaker byd has now surpassed Tesla in global sales in response to this growth and perceived threat to domestic Industries Canada has imposed a 100% tariff on Chinese made EV igniting a fierce trade dispute that 16:01 threatens to reshape the North American Automotive landscape the scope of Canada's tariffs is Broad and far-reaching encompassing a wide range of chinese-made EVS including electric and certain hybrid passenger automobiles trucks buses and delivery Vans it's worth noting that the 100% tariff comes on top of the existing most favored nation import Tariff of 6.1% already applied to EVS produced in China and imported into Canada this move brings Canada in line with the United States which quadrupled its tariffs on Chinese EVS to 100% in May 2024 and the European Union which imposed duties of up to 36.3% on Chinese mvs China's response was Swift targeted and potentially devastating for Canada's agricultural sector on October 2nd 2024 the Chinese Commerce Ministry announced plans to launch an anti-dumping investigation into Canadian canola Imports this move 17:03 strikes at the heart of Canada's agricultural economy with Canola being a major export crop in 2023 alone Canadian canola exports to China were valued at a staggering 3.47 billion making China the second largest market for Canadian canola after the United States this is now China saying okay you've accused us of this well we're going to accuse you of doing that this was not a surprise to anybody the Chinese Ministry statement was pointed an accusatory claiming that Canadian canola exports to China have increased significantly while prices have continued to fall suggesting that Canadian exporters were suspected of dumping products into the Chinese market this language mirrors accusations often leveled by Western countries against Chinese manufacturers turning the tables on Canada in this high stakes trade dispute a spokesperson for China's Commerce Ministry stated that Canada's actions will disrupt the stability of global industrial and Supply chains and 18:06 seriously undermine economic and trade rules the severity of China's reaction was further underscored by the foreign Ministry spokesperson who declared that China would take all measures necessary to safeguard its economy the potential impact on Canada's canola industry is nothing short of catastrophic a report by Morning Star dbr an international credit rating agency estimates that the Canadian canola industry could face a devastating $1 billion dollar hit as a result of China's trade actions this figure becomes even more alarming when compared to the Fallout from a previous trade dispute in 2019 which cost the Canadian canola sector between $1.5 billion and 2.4 billion over two years this isn't the first time Beijing has come after the key crop it barred Canadian Imports in 19:01 2019 a ban that lasted 3 years the trade restrictions and imprisonment of Michael kovrig and Michael spavor were seen as retaliation for the arrest of wuwei executive Mong wanjo the historical context of Canada China canola trade adds another layer of complexity and urgency to the current situation in 2019 China blocked shipments from two major Canadian canola exporters Richardson International and Veta this action widely seen as retaliation for Canada's arrest of Huawei executive mang Wan Joo led to a dramatic drop in canola exports from 4.87 million tons in 2018 to just 1.54 million tons the following year it took until 2023 for sales to bounce back to 4.59 million tons after 4 years of significantly reduced volumes in 2019 China suspended two Canadian canola exporters before 20:05 removing the restrictions 3 years later a move seen likely in response to the arrest of Huawei executive mongan Joe the fact that they are calling this an anti-dumping investigation it's all pre-ordained we know that they will impose a tariff I expect that it will be 100% similar to the Tariff imposed on Chinese EV the impact of China's latest move is already being felt acutely by Canadian Farmers Rob Stone a canola farmer near Davidson Saskatchewan described the news as devastating adding the markets reacted very negatively to the news Stone estimated that the price drop could cost Farmers about $2 per bushel potentially amounting to a staggering $100 per acre he expressed his frustration and helplessness saying the fact that can happen is absolutely enraging but we only do what we can do here on the farm gate talk about those 21:05 things and share our story about how we're affected Ian boxall president of the agriculture producer Association of Saskatchewan echoed these concerns noting that this latest development adds to an already challenging year for Farmers this year's been every time you turn around the farmers kind of got a little shot in the gut right boxall remarked referencing labor disputes on Railways and at Sports as well as drought conditions that have plagued the sector the Canadian government has been quick to defend its actions and reassure the agricultural sector but their words may ring Hollow for Farmers facing potential ruin Deputy Prime Minister and Minister of Finance chrisa Freeland stated we are moving in lock step with key International Partners to protect Canadian workers and businesses in our steel and aluminum sectors from China's intentional state-directed policy of overcapacity and over Supply which is undermining Canada's ability to compete in domestic and Global 22:04 markets Mary Ang minister of export promotion international trade and economic development added China's non-market policies and practices create an unfair playing field for businesses and undermine the success of Canadian workers our government will always defend our national interest and the best interests of Canadians agriculture Minister Lawrence MCCA emphasized the government's commitment to supporting Canadian Ian Farmers stating our producers depend on and play by a rules-based global trading order that provides reliable Market access today's announcement is deeply concerning and I am working with my colleagues across government and in the sector to monitor developments closely Canada's minister of Agriculture is responding to the move from the Chinese government Lawrence mcau writes our producers depend on and play by a rules-based global trading order that provides reliable Market access today's announcement is deeply concerned and I am working with my colleagues 23:00 across government and in the sector to monitor developments closely the quality of Canadian canola is well known around the world we will continue to defend and support the sector every step of the way the situation has sparked intense reactions at the provincial level particularly in western Canada where the agricultural impact is most acute Saskatchewan Premier Scott Mo expressed his province's deep concern over China's anti-dumping investigation the Saskatchewan government went so far as to send a letter to Ottawa urging quick resolution of the issue and reminding the federal government that Saskatchewan Farmers had already be the brunt of Chinese retaliation in the past referring to 2018 when a market access ban on canola led to a decrease of more than1 billion dollar in exports to China from Saskatchewan well as you kind of talked about this isn't the first trade barrier that we've had to face um in farming we don't get into it for the great hours it's the great pay but is a good view uh from our office um this is yeah just one 24:03 more like pothole on the road um it's definitely going to have a Major Impact possibly more so for my Western counterparts than for myself in Ontario because we thankfully have three Crushers in Eastern Canada one's been on strike all year but hopefully they open again soon but this definitely devastates the price for everybody and and yeah it's just one more away at it um definitely makes it us concerned uh it's already dropped the price and uh but at the same time Farmers we think like generationally right like we're thinking systems so like I have my crop plan for the next few years already planned based on crop rotation based on you know helping reduce PES risk work on biodiversity keep my beneficials doing well and just manage our workloads so yeah so we've got spring canola going here and then we're trying some winter canola uh it's a newer crop to Canada and uh we'll planting it tomorrow if all goes well just so that we can have more crop growing over the winter and spread out again a bit of our risk but uh yeah 25:06 don't get me wrong I'm glad for my off- fir income right now David Merritt Saskatchewan's minister of Agriculture described the situation as saber rattling but acknowledged the immediate and significant impact on markets unfortunately the saber rattling pretty loud when you see the market Trend do what it did in one night virtually of WWE executive m one Joe the fact that they are calling this an anti-dumping investigation it's all pre-ordained we know that they will impose a tariff I expect that it will be 100% similar to the Tariff imposed on Chinese EVS China says it's turning to the World Trade Organization to resolve this dispute with Canada meanwhile the federal government says it's prepared to defend its agriculture sector as Farmers remain caught in the middle of another tit fortat trade battle over matters beyond their control Olivia stefanovich CBC News 26:05 Ottawa the trade dispute has broader implications for Canada China relations and highlights the challenges Canada faces in navigating its relationships with both China and the United States us White House National Security adviser Jake Sullivan emphasized the importance of Canada's alignment with us policy stating being on the same page between the US and Canada particularly as we enter a year where Canada will be chairing the G7 is vital for US National Security for our priorities and we believe it's vital for the broader free world as well impose on Chinese EVS China says it's turning to the World Trade Organization to resolve this dispute with Canada meanwhile the federal government says it's prepared to defend its agriculture sector as Farmers remain caught in the middle of another tit fortat trade battle over matters beyond their control Olivia stefanovich 27:02 CBC News Ottawa Canada's minister of Agriculture is responding to the move from the Chinese government Lawrence MCCA writes our producers depend on and play by a rules-based global trading order that provides reliable Market access today's announcement is deeply concerning and I am working with my colleagues across government and in the sector to monitor developments closely the quality of Canadian canola is well known around the world the impact of these trade tensions extends far beyond the agricultural sector affecting multiple Industries crucial to Canada's economy Canada's autom manufacturing industry which supports 125,000 jobs and its steel and aluminum sectors providing more than 130,000 jobs are at the Forefront of this dispute the Canadian government argues that China's practices threaten these critical Industries and the workers they employ China's dominance in the global 28:02 EV Market is a central factor in this dispute since 20120 China has emerged as the world's largest manufacturer and exporter of EVS in 2023 China's annual EV exports totaled an astounding $ 47.2 billion a staggering increase from just 0.2 billion doll in 2018 Canadian officials attribute this rapid growth to extensive State subsidies and other non-market practices employed by China as Canada seeks to establish itself as a key player in the global EV industry the federal government has made significant investments in the auto sector these include funding for battery plants in St Thomas and Winder Ontario and a multi-billion dollar expansion of Honda's Alliston Ontario plant for Ev production these Investments are part of a broader strategy to transition to a net zero economy with over 160 million dollar allocated to grow the economy and create jobs in clean technology 29:03 sectors franois Philipe champagne minister of innovation Science and Industry highlighted the importance of these Investments stating as the world moves to reduce pollution and keep our air clean we have attracted historic investments in building EV manufacturing capacity and creating good paying jobs here in Canada however critics argue that the tariffs could have unintended consequences for Canada's own climate goals and EV adoption rates Andrew Bell a director with the electric vehicle association of Alberta called the Tariff an unnecessary barrier to EV adoption here the Canadian government is trying to encourage Canadians into electric vehicles here's a highquality lowcost option he said noting that the tariffs would effectively double the price of Chinese EVS in Canada the dispute has also highlighted the challenges of economic diversification for Canada while the government has been 30:03 encouraging businesses to reduce their Reliance on single markets the reality is that China remains a crucial trading partner in 2023 Canadian exports to China for agriculture hunting forestry and fishing all increased underscoring the difficulty of quickly pivoting away from established trade relationships the international dimension of this dispute is significant and far-reaching China has filed a complaint with the World Trade Organization over Canada's tariffs accusing Ottawa of violating WTO rules the Chinese Commerce Ministry stated thanks for having me on David how worried are you as a government uh I know canola is is an important crop how worried are you by these signals coming out of China well obviously we're concerned about it it impacts obviously not only saskat and but virtually a lot of provinces here in Canada Alberta SAS in Manitoba and even Ontario to a big degree as well uh there's a lot of canola growing in this country and uh 31:04 you know we just saw an impact on it as of just the announcement of launching the investigation where we saw a downward Trend in the markets uh just overnight so it's concerning for us uh uh obviously China is a is a big partner for for Saskatchewan products over five and a half billion dollars in total products to China in 2023 uh obviously canola leads the way but Canada has dis regarded WTO rules and violated its commitments within the WTO by proposing to impose additional tariffs of 100% And 25% the situation has sparked intense debate within Canada about the long-term implications of these trade actions some industry Watchers are calling for the government to provide a timeline for the tariffs suggesting they should be a short to medium-term measure Steven Bea a board member of the electric vehicle Society suggested it needs to be defined as a 5-year or seven-year program the 32:02 eu's decision to impose tariffs on Chinese electric vehicles set off an unexpected Chain Reaction China's strategic response not only threatened European Industries but also exposed critical vulnerabilities in Western Supply Chains It's achieved this with break neck growth in the industry fueled by government subsidies the problem with this is that the Europeans and Americans are saying that that's given Chinese Brands an unfair advantage on price that they've been able to flood markets in other countries at rates that local Brands can't compete with and they're threatening to put tariffs on Chinese cars to level the playing field the counterargument to that though is that at the beginning you needed to have such subsidies the European Union has been embroiled in a heated debate for several veral months regarding the imposition of additional taxes on China's new energy Vehicles the 33:03 attitudes within the EU have been notably divided with some countries advocating for higher taxes to protect their local automobile Industries While others Express concerns about potential retaliation from China in August 2024 the EU ultimately decided to impose additional taxes on Chinese new energy Vehicles sold in the European market an action that has been perceived as a direct challenge to China however the eu's sanctions have not only failed to intimidate China but have inadvertently created a significant opportunity for Russia the market share that originally belonged to the EU is now being seized by Russia which has swiftly reached agreements with China in the field of new energy Vehicles competition has intensified dramatically in recent years the gap between Europe and its competitors particularly China and the United States has widened in key disruptive Technologies China's electric vehicles and Battery Technology have demonstrated 34:06 Superior performance and price advantages compared to similar products in Europe Chinese made models are approximately 20% cheaper than those produced in the EU this Competitive Edge has allowed China to capture 8.2% of the EU electric vehicle Market in 2023 with projections indicating this share could exceed 20% by 2027 faced with this growing pressure the EU has implemented a series of Economic Security and supply chain security strategies since last year these measures aim to reduce the eu's Strategic dependence on China in this drisking process the French government has been particularly vocal about the need to remain competitive in the global new energy vehicle Market in response to this challenge France along with several other EU countries imposed tariffs on major Chinese automakers in June 35:01 2024 the tariffs were set at 17.4% 20% and 38.1% for byd gie and saic group respectively additionally a general Tariff of 21% was imposed on other manufacturers it's another step in an escalating trade dispute between China and the West the European commission drastically increased import tariffs on Chinese electric cars Chinese automakers would face duties as high as 38% up 10 up from the current 10% the block is reacting to China's W widening its Reach In global EV markets Brands like byd Gil and saic have been expanding abroad mostly due to their lower prices both the EU and the US are accusing Beijing of illegally subsidizing Chinese car manufacturers the commission says the Tariff hike

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