As the trade tensions amid China and the U.S. escalate, a number of Chinese firms—that were once having ambitious plans to expand in the U.S. market—have been calmly scaling back. Although, that has not held back some businesses and several Chinese companies have publicized collaborations in Southeast Asia, the Middle East, and Europe. One instance is GAC (Guangzhou Automobile Group)—which is one of the major car manufacturers in China. GAC has targeted the U.S. market from 2018. The company established its research and development centers in Los Angles, Silicon Valley, and Detroit; listed its North American sales operations in Irvine in 2019 and showed during the NAIAS (North American International Auto Show), Detroit to endorse its new models.
Everything was seamless and under control until the U.S.-China trade war expanded. At CNBC’s East Tech West conference, Feng Xingya—President of GAC Group—said, “Our initial plan to expand in the U.S. market in 2020 is no longer suitable as the U.S. slapped tariffs on China’s automobile exports.” The two nations have been enforcing retaliatory tariffs on each other’s products worth hundreds of billions of dollars. In May, the U.S. increased tariffs to 25% from 10% on $200 Billion worth of Chinese products, counting vehicle and automotive parts.
On a similar note, recently, it was stated that Trump’s trade spat is damaging China’s financial system, but it is also presenting Beijing a prospect it never dreamed of. Trump’s rant on the trade deal shows a gross generalization of China’s interests. The actuality of what Beijing desires is far more complex than an end to the new economic hostilities. Instead, it is maintaining a balance on a variety of interests, some very important than the trade war. Trump’s laser focus on trade war has presented Beijing the latitude to tackle issues—a free hand to infringe human rights in Hong Kong and Xinjiang; continuing to press for a reunion with Taiwan; achieving the goals of China 2025—and other critical issues without dread interference from the White House.
Phillip, even after possessing the Manager’s post, still believes in expressing himself through his articles. In the Industry News Daily publication, the business domain is in the reign of him. The keen interest in obtaining more of facts related to finance, business, and marketing have helped him in aiding change the total interface of the publication. The years of experience after graduating in Commerce has not stopped him from becoming a writer