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Foreign trade events this week! India will raise tariffs on these products, early warning of Turkish

  • Author:Alvin
  • Source:HKSG-GROPU
  • Release Date:2019-03-21
Foreign trade events this week! India will raise tariffs on these products, early warning of Turkish risks, and reductions by 23 shipping company officials


Sino-US high-level economic and trade consultations

At 7 o'clock on the morning of March 12, Liu Heying, member of the Political Bureau of the CPC Central Committee, vice premier of the State Council, and Chinese leader of the China-US Comprehensive Economic Dialogue, talked with US Trade Representative Wright Heze and Finance Minister Mnuchin. The two sides made specific questions on key issues of the text. Consultation and finalization of the work arrangements.


Increase import tariffs on electric vehicles next year

The Indian government announced on March 7 that the National Mission on Transformative Mobility and Battery Storage will pass the five-year Phased Manufacturing Programm (PMP) by 2024. Establish a number of large-scale plants (Giga plants) with export-competitive batteries and battery packs. The Indian government said that the five-year plan will also promote localized production of electric vehicle value chain related industries.

The US Forbes biweekly website reported on March 9 that in order to encourage the development of the country's electric vehicle industry, the Indian government has developed a two-pronged strategy for both consumers and manufacturers: it will provide $1.4 billion in subsidies and Import tariffs will be raised next year to stimulate domestic companies to produce electric vehicles, and the policy will take effect in the new fiscal year beginning in April.

Specific adjustments include:

The basic import tariff rate for current electric buses and trucks will be doubled to 50% in April (2020);

The component tax rate for electric buses and trucks, passenger electric vehicles and electric two- and three-wheelers will be raised from the current 10% to 15% in the next four years;

AC (AC) and DC (DC) chargers, engines and engine controllers, power controllers and other components required for the electric vehicle manufacturing industry will be changed from the current zero tariff to a 15% tax rate in April 2021;

The basic import tax rate for battery modules for electric vehicles will also increase from the current 5% to 15% in April 2021;

The lithium-ion battery tax rate for electric vehicles will be doubled to 10% at the same time.


First decade of economic recession

On March 11th, local time, data released by the Turkish Statistical Office showed that the country’s GDP fell by 3% in the fourth quarter of last year, and the fourth quarter GDP adjusted by seasonal and working day factors fell by 2.4%. After the contraction of 1.6% in the third quarter, the economic growth rate declined for the second consecutive quarter, in line with the standard of technical decline. Turkey's GDP for the full year of 2018 increased by 2.6%, a “bridal” slowdown from the previous year's 7.4% growth. This is the economy of the country.