American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences...Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
Tesla has slashed up to $14,000 off its Model X in China after Beijing announced major tariff cuts for imported automobiles, a potential sales boost for the U.S. firm as the world's largest auto market pivots towards electric cars.
The carmaker will lower prices of its Model S and Model X cars by just over 6 percent, a Beijing-based sales representative told Reuters on Wednesday.
China said on Tuesday it will cut import tariffs for automobiles to 15 percent from 25 percent, a fillip for premium car brands like Tesla and BMW which import a significant number of vehicles.
Tesla said on Tuesday that any of its cars sold in China would be subject to adjusted prices, even before the tariff change comes into effect on July 1.
The price of a top-of-the range Model X will be cut to 1.3 million yuan ($203,830) but that remains well above the $140,000 cash price-tag before savings for the priciest version in the United States — Tesla's Model X P100D.
The move by the California-based electric carmaker likely foreshadows wider price cuts for imported cars in China as foreign firms look to narrow a price gap with domestic rivals. Imports, however, only make up a fraction of the overall market and tend to be upper-end models.
Yale Zhang, head of Shanghai-based consultancy Automotive Foresight, said price cuts by foreign premium brands will likely force them to adjust the price tag for vehicles they produce locally in China. This, in turn, will gradually impact the price of more affordable, mainstream cars — even local Chinese brands.
"With imminent price adjustments in the higher-end segment, that will over time lead to a pricing adjustment for the entire market," Zhang said.