Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
Italian Prime Minister Giorgia Meloni visited China to enhance cooperation and reset trade ties with the world's second-largest economy after Italy's departure from the Belt and Road Initiative.
Meloni, on her first visit to China as prime minister, emphasized Italy's desire to rebalance its economic relationship with Beijing. She highlighted that Italian investment in China is about three times that of Chinese investment in Italy and expressed a goal to remove barriers for Italian products accessing the Chinese market.
Key Takeaways:
- Trade Rebalance: Meloni aims to rebalance trade ties, seeking better access for Italian products in China.
- Strategic Importance: Italy holds strategic importance to China and could act as a moderating voice within the EU regarding tariffs on Chinese electric vehicles (EVs).
- EU Tariffs: EU members, including Italy, will vote in October on imposing tariffs on Chinese EVs.
- Historical Context: Italy was the only G7 nation to join China's Belt and Road Initiative in 2019 but exited last year under US pressure, signaling a continued desire to develop trade ties with China.
- Industrial Cooperation: Discussions included topics such as electric mobility, but no specific talks on Chinese automakers opening factories in Italy.
Meloni also discussed Italy's role in EU-China relations with President Xi Jinping, expressing hopes for more balanced trade relations and emphasizing Italy's unique position within Europe regarding Chinese investments.
Quotes:
- "We clearly want to work to remove obstacles for our products to access the Chinese market," Meloni said.
- "The issue of electric mobility is one of the topics included in our memorandum of industrial cooperation."
Additional Context:
- Italy's exit from the Belt and Road Initiative did not diminish its desire to develop trade relations with China.
- Meloni's visit underscores Italy's strategic role in fostering balanced trade and investment relations with China within the broader context of EU-China relations.
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