Gold and metals

Germany urges EU to take tougher trade stance on China to protect car industry

German Finance Minister Lars Klingbeil urged the European Union to take tougher action against what he described as China's “unfair trade practices”, as Germany's car industry faces growing competitive pressure, particularly in the electric-vehicle market.

Published:

Listen to this article

An automatically generated audio version.

0:00
0:00
Germany urges EU to take tougher trade stance on China to protect car industry

During a visit to Wolfsburg, German Finance Minister Lars Klingbeil urged the European Union to take tougher action against what he described as China's “unfair trade practices”, with the aim of protecting Germany's car industry amid intensifying competition from Chinese companies, particularly in the electric-vehicle market.

Firmer EU measures

Klingbeil said Berlin would push for the adoption of firmer EU measures against Beijing, confirming his support for taking “concrete measures” in several areas, including plug-in hybrid vehicles and local-content requirements for components.

Ultimately, we cannot be naive in our dealings with China

German Finance Minister Lars Klingbeil

Pressure on German carmakers

Klingbeil made the remarks during his visit to Wolfsburg, home to Volkswagen's headquarters and largest plant, as major German carmakers face growing competitive pressure from Chinese companies.

Volkswagen considers job cuts

Volkswagen, which owns 10 brands, is considering cutting up to 100,000 jobs in the coming years.

Read this story in another language

Related stories

Trump Signals New Tariffs on South Korea Over Alaska Investment

U.S. President Donald Trump threatened to impose higher tariffs on South Korea if it does not proceed with investment in a $54 billion liquefied natural gas project in Alaska, while Seoul says the project's economic viability must first be established.

Sisi: Energy Crisis Puts Pressure on Africa as Fuel and Fertilizer Prices Rise

President Abdel Fattah El-Sisi said in remarks at the opening of the El Alamein Africa Business Forum that the current global energy crisis is affecting and putting pressure on African countries because of higher fuel and fertilizer prices, disruptions to supply and shipping chains, and other repercussions.

Slowing U.S. hiring cuts odds of October rate hike to 25%

A slowdown in U.S. job growth to 29,000, versus expectations for 90,000, strengthened the Federal Reserve's inclination to hold rates at its Oct. 27-28 meeting. Investors cut the probability of a rate hike at that meeting to 25% and increasingly bet on a move in December.