🚀 EU raising tariffs in Chinese EVs

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Starting next month, the European Union will impose new tariffs on electric cars from China, raising levies to as much as 48% and escalating trade tensions while increasing EV costs. The EU informed carmakers like BYD, Geely, and MG-owner SAIC of the new tariffs, which will begin around July 4 following a subsidy investigation. The tariffs will vary: SAIC faces a 38.1% increase, BYD 17.4%, and Geely 20%, in addition to the current 10% duty. Western carmakers such as Tesla, BMW, and Renault, which produce in China, will also see higher costs, with additional charges of 21% for cooperating with the investigation.

2. Hunter Biden, the son of President Joe Biden, was convicted on all three counts in his criminal gun trial in Delaware federal court. The charges, which include making false statements and illegally possessing a firearm, stem from his October 2018 purchase of a Colt Cobra handgun while he was addicted to crack cocaine. This makes him the first child of a sitting U.S. president to face a criminal trial. Additionally, Hunter Biden has a pending federal tax case in Los Angeles. His conviction comes just three weeks after former President Donald Trump was found guilty in New York of falsifying business records.

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4. Headlines

   1. Skydance and National Amusements are no longer exploring a merger deal with Paramount Global.

   2. The Federal Reserve has announced they will hold rates and only expect a single cut this year.

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