June 2024 Latest Foreign Trade Regulation

Recently, the U.S. announced plans to impose additional tariffs on approximately $18 billion worth of Chinese products imported into the United States, including electric vehicles, lithium-ion batteries, photovoltaic cells, and critical minerals, on top of the existing Section 301 tariffs. This news has drawn extensive attention from all quarters

On May 14, the United States, in a recent move, announced its intention to impose additional tariffs on $18 billion worth of Chinese imports.

According to the People's Daily, new progress has been made in the China-Serbia Free Trade Agreement. China has announced that the agreement will officially come into effect on July 1st of this year。

During the "May Day" holiday, the offshore Chinese yuan (CNH) exchange rate against the US dollar saw a notable rise, recapturing the key 7.2 level.

Both China and Ecuador have completed their respective domestic approval procedures, and the agreement will officially come into effect on May 1, 2024

According to Agence France-Presse, electric car manufacturer Tesla announced on the 23rd that its net profit in the first quarter of this year sharply declined by 55%, primarily due to intensified competition and continuous pressure on the electric car market

The data indicates that in 2023, China's international market share for exports was 14.2%, and for imports, it was 10.6%, both remaining relatively stable compared to 2022

In the early hours of the 11th, the exchange rate of the Japanese yen against the US dollar in the foreign exchange market in New York dropped sharply due to the possibility of the United States temporarily refraining from interest rate cuts. The rate, which was previously considered the Japanese government's tolerance line at 152 yen to the US dollar, plummeted to 153.168 yen to the US dollar.

English Translation: Latest Global Trade Information