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China Economic Update – 27 May 2024
While American manufacturer Tesla is largely synonymous with electric vehicles (EV) to most consumers in advanced economies, it is in fact Chinese firms that have become increasingly dominant in global EV manufacturing, particularly when viewed across the entire value chain. However, this market position – and the role of government subsidies in its acquisition – has raised trade tensions in both the United States and Europe. In mid-May, the Biden Administration announced tariff increases on a range of imports from China, with the most notable being a quadrupling of the tariff on electric vehicles (from 25% to ... (full story)