AutoBeta(AutoBeta.net)05/10 Report--

The US president said on Thursday that a deal with China was possible this week, and although he reiterated that he would raise tariffs on Chinese goods within hours, the smoke of the trade war seemed to come to an end.

At a social event in Washington, he said that he had received a letter from President Xi Jinping about the need for close cooperation to jointly promote normal economic and trade cooperation between the two countries. Liu he, head of the Sino-US economic and trade delegation of the State Council, arrived in Washington on Thursday for a two-day meeting and consultations.

The US will impose tariffs on $200 billion worth of Chinese goods from 10 per cent to 20 per cent at 12:01 on Friday, a move economists say is likely to have the biggest economic impact on Mr Trump so far.

On March 5, the United States announced that it would postpone the 25% tariff on Chinese exports to the United States, while on the 31st, the tariff Commission of the State Council announced an extension of the certification tariff on cars and spare parts originating in the United States. in order to promote negotiations, the Chinese side announced that tariffs on cars and parts originating in the United States would be suspended for three months, with a deadline of March 31.

Some large securities companies expressed uncertainty about the future of individual auto companies, and the over-the-counter share prices of GM, Ford, Chrysler and Tesla fell respectively. At the close of trading in New York, General Motors fell 1.65% to quote $37.58, Ford Motor fell 1.35% to quote $10.20, Fiat Chrysler fell 2.77% to quote 14.76, and Tesla fell 1.17% to quote $241.98.

The unfavorable news of the trade war has been hanging over investors and enterprises. As the two largest automobile markets in the world, China's domestic foreign brands will be greatly affected, the first of which will definitely be American enterprises; as parts manufacturing and some semi-finished products are concentrated in China, raising tariffs is an adverse impact on American car companies. Other multinational companies such as Germany and Japan will be hit to a certain extent. At present, the automobile industry is on the eve of great change. Self-driving technology, cloud technology and electrification are profoundly changing the automobile industry. The United States is in a leading position in self-driving technology. While China has accumulated rich data and experience in electric cars and travel data, the trade war will hinder the cooperation between the two sides.

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