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In March, China's retail sales of new energy vehicles (NEVs) reached 988,000 units, marking a 44% increase from February and a 39% rise year-on-year, with a retail penetration of 52.3%. Wholesale sales also surged to 1.13 million units, up 40% year-on-year and 36% from February. Cumulatively, NEV retail sales for the year stand at 2.414 million units, a 37% increase compared to the previous year.
Major fund managers, including those from UBS and Franklin Templeton, believe Chinese stocks can withstand the impact of US tariffs due to potential fiscal support, advancements in AI, and an ongoing earnings recovery. They view China as a significant investment opportunity, despite concerns over export challenges and growth prospects. Local optimism aligns with global confidence, suggesting that any market selloff may present buying opportunities.
The US dollar weakened on April 3 after President Trump announced new tariffs on imports, set to take effect on April 9, imposing a 10% baseline levy on goods from 60 countries. This move raised concerns about a potential global economic slowdown, leading to declines in global stocks and increased demand for bonds and gold. The dollar index fell to 102.98, its lowest since October, reflecting a 4% decline this year, while Asian currencies struggled, with China's yuan hitting its weakest levels in months.
Australia has avoided the steep tariffs imposed by the US, facing only a general 10% tariff while being exempt from higher rates affecting countries like China and Japan. However, challenges loom for Australian beef farmers due to new trade barriers, and potential economic slowdowns in China could significantly impact Australia's resource-dependent economy, particularly in regions like Western Australia. Prime Minister Anthony Albanese criticized the tariffs, while Foreign Minister Penny Wong emphasized the need for a measured response to the disruptions affecting key sectors.
Drastic tariffs are set to impact 60 countries, with a basic 10% tariff on all US imports starting April 5. The EU faces a 20% surcharge, while Chinese goods will incur tariffs exceeding 50%, raising average tariffs on Chinese products to 65%. This escalation risks a global trade war, increasing inflation in the US and creating challenges for the Federal Reserve, as skepticism grows in financial markets.
The Huawei Pura 80 series is expected to launch soon with a focus on reasonable pricing, potentially matching or being lower than the Pura 70 series, which starts at 5499 yuan. The new lineup may feature a self-developed main camera, the Pura X Kirin chip, and enhanced design elements, including a quad-camera setup and improved night photography capabilities. Alongside the flagship models, Huawei is likely to unveil additional products at a grand-scale event next month.
Huawei reported a revenue increase in 2024, driven by a 38% surge in smartphone sales, totaling CNY 339 billion. However, net profit fell by 28% to CNY 62.6 billion, with operating margins declining to 9.2%. The company emphasized its focus on R&D, investing CNY 179.7 billion, while over 71% of revenue came from the domestic market.
China has urged the US to eliminate new tariffs, warning of potential countermeasures to safeguard its interests. The Chinese Commerce Ministry criticized the 34% tariff announced by President Trump, which, combined with an earlier 20% tariff, raises the total to 54%. This move follows China's failure to meet purchasing targets from the 2020 trade deal, with imports from the US falling short of the $200 billion goal in 2024.
On April 2, President Trump announced a 34% tariff on Chinese imports, starting with a 10% rate on April 5 and an additional 24% on April 9. He cited China's 67% combined trade rate against the US due to tariffs and currency manipulation. In response, China criticized the tariffs, warning that protectionism leads to trade wars with no winners. The full economic impact on US consumers and industries remains to be seen.
President Trump has announced sweeping tariffs, including a 10% minimum on most imports and significantly higher rates on goods from various countries, escalating a global trade war that threatens economic growth and inflation. The tariffs, which include a 54% levy on Chinese imports, have drawn criticism from allies and could lead to retaliatory measures, further impacting global markets. Economists warn that these policies may slow the economy and increase living costs for American families.
Chinese Yuan
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