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US Car and Parts Manufacturers Demand Rapid Settlement of US-China Trade Differences



<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "US auto and auto parts manufacturers are encouraging governments of the US and China to work out their differences in response to China's announcement on Friday & nbsp; that it will reimburse 25% of tariffs on imported US cars and 5% of tariffs on imported auto parts as of December 15. "data reactid =" 15 "> US Auto and auto manufacturers are urging US and Chinese governments to close their differences in response to China's announcement Friday that it will reimburse 25% of U.S. car import tariffs and 5% of imported car parts as of December 1
5.

The Chinese Ministry of Commerce has presented a plan to apply additional tariffs on a total of $ 75 billion in US goods, some of which will apply to US car exports. A statement from the Chinese Ministry of Commerce said the first wave of tariffs, ranging from 5% to 10% for 5 078 US products, would come into force on September 1. Effective dates reflect the already planned US $ 300 billion tariffs on Chinese goods set to begin September 1.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "While & nbsp; series of Tweets & nbsp; by President Trump on Friday ordered US companies to look for alternative markets for China and criticized China for failing to curb the US intellectual property theft, automotive leaders say they prefer a solution that includes continuing business with the country. "data-reactid =" 17 "> While a series of tweets by President Trump on Friday ordered US companies to seek an alternative Native Markets for China and criticizes China for failing to curb intellectual property theft in the US, automotive leaders say they prefer a solution that includes continuing to do business with the country.

August 23, 2019 Tweet from President Donald Trump [19659006] More

<p class = "canvas-atom canvas-text Mb (1.0 em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Spokesperson of Ford Motor Company ( FORD ), a leading vehicle exporter The US-based company told Yahoo Finance that the company is uniquely positioned as a net exporter to China. Ford Motor Company (FORD), a leading exporter of US-built vehicles, told Yahoo Finance the company is uniquely positioned as a net exporter to China.

"We encourage The US and China find a short-term solution to the remaining issues through lengthy negotiations. It is essential that these two important economies work together to achieve a balanced and fair trade, "the spokesman said.

CHICAGO, IL – JUNE 24: The Lincoln Aviator receives a final check as it descends from an assembly line at a Chicago assembly plant on June 24, 2019 in Chicago, Illinois. Ford recently invested $ 1 billion to upgrade the facility that houses Ford Explorer, Police Interceptor and Lincoln Aviator. (Photo by Scott Olson / Getty Images)

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text "content =" During the second quarter of 2019, Ford & nbsp; reported & nbsp; an overall decline of 9% year-on-year, partially driven by China. The company still managed to reduce its losses in However, in China, its auto segment reported a 48% year-on-year increase in consolidated revenue driven by larger Lincoln volumes, reducing EBIT losses to $ 155 million. "Data-reactid =" 53 "> In its second quarter of 2019 Ford reported a common magazine a 9% year-on-year hell of partly powered by China. However, the company still managed to reduce its losses in China for the quarter. In China, its auto segment reported a 48% annual increase in consolidated revenue driven by Lincoln's larger volumes, which reduced EBIT losses to $ 155 million.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Association of Engine Manufacturers and Equipment A commercial organization that represents a light and commercial motor vehicle manufacturers and parts manufacturers, which is the largest manufacturing sector in the United States, said it wanted a resolution covering intellectual property protection as well as resumed trade. " data-reactid = "54"> Automobile Manufacturers Association, trade organization representing manufacturer of passenger and commercial motor vehicles and parts manufacturers, which is the largest manufacturing sector in the US, he said he wanted a resolution to include the protection of intellectual property "and resume trading.

"MEMA repeatedly calls on China and the United States to work together to reach a trade agreement that works for both parties," the organization said. "We ask both parties to resume talks and reach an agreement that will allow US companies to remain competitive in the global market while protecting intellectual property rights."

Showcase of Goodyear Tire and Rubber Co is visible in Westminster, Colorado, August 27, 2013. Goodyear rose 1.7% to $ 19.54 a day after The company said one of its biggest investors had raised its stake in the company by 44 percent. REUTERS / Rick Wilking (UNITED STATES – Tags: BUSINESS)

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Goodyear Tire & Rubber Company ( GT ), which manufactures and distributes tires and other vehicle related products worldwide, said it supports free and fair trade. Goodyear Tire & Rubber Company (GT), which manufactures and distributes tires and other vehicle-related products worldwide, has said it supports free and fair trade.

"We are closely monitoring the ongoing trade between the US and China and will take action, if necessary, to provide ongoing customer service," a company spokesman told Yahoo Finance.

Goodyear reported a softening demand in China in the second quarter of its profit and attributed a 12% decline in the original volume of a unit of equipment to reduce car production in China and India.

USA Auto parts exports to China amount to more than $ 3 billion in 2018, according to the Automobile Care Association.

"USA. brands are recognized and highly valued in international markets, "said Angela Chiang, director of the International Organization for the Automobile Care Association. "The imposition of tariffs on US products and their pricing outside of Chinese markets is equivalent to lowering tariffs on all other countries and competitors."

The Chinese Xinhua Newsletter announced that China will accept applications for duty relief, the details of which are governments will announce at a later date.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Yahoo Finance has contacted General Motors ([GM) and did not receive an immediate response. " Yahoo Finance reached out to General Motors (GM) and did not receive an immediate response.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – -sm Mt (0.8em) – sm" type = "text" content = "Fiat Chrysler Automobiles ( FCAU )) deferred comments from its representative organizations, the American Automobile Policy Council and the Automobile Alliance, from which Yahoo Finance did not receive an immediate response. "Data-reactid =" 87 "> Fiat Chrysler Automobiles (FCAU) postponed comments to its representative organizations, the American Automobile Policy Council and the Automobile Alliance, from which Yahoo Finance did not receive an immediate response.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Alexis Kinan is a Yahoo reporter Finance. Follow Alexis on Twitter @alexiskweed. "data-reactid =" 88 "> Alexis Kinan is a Yahoo Finance reporter. Follow Alexis on Twitter @alexiskweed.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Read the latest financial and business news from Yahoo Finance "data-reactid =" 89 "> Read the latest financial and business news from Yahoo Finance

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Follow Yahoo Finance on Twitter [19659027] Facebook Instagram Flipboard SmartNews [19659043] LinkedIn YouTube and reddit . "data-reactid =" 90 "> Follow Yahoo Finance Twitter Facebook Instagram Flipbord SmartNe ws LinkedIn YouTube and reddit .


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