China Market Update: Electric Vehicle Stocks Rally, EU Tariffs Called “Preliminary” [Forbes]
TENCENT HLDGS UNSP/ADR (TCEHY)
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Source: Forbes
Despite headlines, the European Union's China electric vehicle (EV) import tariffs turned out to be lighter than expected. However, more importantly, they are definitely “preliminary,” i.e., up for negotiation. Maybe a few copies of “The Art of The Deal” were sold in Brussels? The German government will likely fight the tariff proposal because German auto manufacturers have invested heavily in China. Meanwhile, French, Spanish, and Italian automakers have little market share to lose from retaliation. Chinese tariff retaliation would likely be directed at Airbus, French luxury goods, Spanish wine, etc. As mentioned yesterday, making cars requires a large workforce, which is why it has become such a hot-button issue for governments globally. And, yes, without question, China's government has supported domestic auto companies. Hong Kong bounced around the room but rallied to close above the 18,000 level. The market was led higher by growth stocks as the most heavily traded stocks by v
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