CX Daily: How Will the U.S. Import Tariff Hikes Impact Chinese Industries?
TOP STORY
Tariffs?/
The Biden Administration on Tuesday announced a decision to increase tariffs on $18 billion worth of Chinese imports across strategic sectors including electric vehicles (EVs), semiconductors, lithium-ion batteries and steel.
The move is part of a broader strategy said to prevent Chinese manufacturers from undercutting their U.S. counterparts and threatening American jobs.
The additional tariffs could further inflame friction between the world’s two largest economies, with China’s Ministry of Commerce on the same day voicing strong opposition and vowing to “take resolute measures” to safeguard Chinese companies’ rights and interests.
FINANCE & ECONOMY
Corruption?/
A veteran securities regulator has lost his job and Communist Party membership, after a graft investigation uncovered misconduct that included taking bribes in the form of Moutai liquor and using his influence to promote his own books to underlings.
An Qingsong, a former chairman and party committee chief of the China Futures Association, has been expelled from the party and public office, according to an announcement Tuesday by the Central Commission for Discipline Inspection (CCDI), China’s top anti-graft watchdog.
Micro Connect?/
Micro Connect, a small-business financing platform co-founded by Charles Li, the former Hong Kong Stock Exchange chief, confirmed to Caixin that it is asking staff to invest their own money in a new venture.
The “leading sheep” program, involving about 20 core, frontline employees, will use 1 million yuan ($138,000) of contribution from these employees, as well as 9 million yuan from the company, to form a special purpose vehicle, according to people close to Micro Connect. ?
Cash?/
China’s central bank fined seven businesses, including a local KFC franchise, for rejecting cash payments, as part of a campaign to ensure physical currency remains an option amid the widespread preference for digital payments.
领英推荐
Economic penalties have been levied against both companies and individuals involved, with fines on businesses ranging from 3,000 yuan ($414) to 55,000 yuan, a Tuesday notice from the People’s Bank of China (PBOC) shows. ?
Quick hits?/
BUSINESS & TECH
Lychee?/
Extreme weather is devastating China’s lychee crop, the jelly-like tropical fruit that is worth $4 billion a year to the country’s farmers.
China is both the world’s largest producer and consumer of the fruit, and a significant exporter. About half of its lychees are grown in the southern province of Guangdong, where the harvest has fallen foul of an unusually warm winter followed by heavy spring rains. As a consequence, prices have jumped. ?
Quick hits?/
Daily Tech Roundup?/
Long Read?/
GALLERY
On Tuesday, a cloudy day in the Chinese capital culminated in a sunset that bathed Beijing in reds, golds, oranges and purples.
Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
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