International News 20 May 2025
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China's industry withstands US tariffs
Despite trade war pressures with the US, China's industrial production in April showed resilience, with the government's fiscal support partly offsetting the negative impacts on the country's economic momentum. China's National Bureau of Statistics reported a 6.1% annualized growth in industrial output in April, slightly slower than the previous month but exceeding analyst estimates. This resilience can be attributed to early fiscal stimulus, according to senior economist Tianchen Xu from the Economist Intelligence Unit. While stronger-than-expected exports were supported by shifting shipping lanes and increased demand from countries reorganizing supply chains due to US tariffs, the impact of tariffs on export shipments remains evident. The recent trade truce between Beijing and Washington has eased global recession fears and supply chain disruptions, indicating a positive outlook amidst ongoing trade tensions.
https://internasional.kontan.co.id/news/industri-china-tahan-gempuran-tarif-as
BYD Moves Toyota, Becomes the Most Popular Car Brand in Singapore in 2025
In 2025, Chinese electric vehicle manufacturer BYD overtook Toyota to become the most popular car brand in Singapore, with sales of 3,002 cars in the first four months, accounting for 20% of total vehicle sales in the country. This marked a significant shift, as Toyota had long held the top spot with 7,876 units sold in 2024. Despite trailing Toyota in 2024 with 6,191 units sold, BYD experienced a surge in sales in early 2025, propelling it to the top of the market. This is a significant achievement in Singapore's highly competitive automotive market, where a restrictive certificate system controls private vehicle numbers. The increased preference for BYD electric vehicles in Singapore demonstrates a shift towards efficient, innovative, and affordable electric cars in the face of high car prices, indicating a changing consumer preference in the market.
China Imposes Antidumping Duties on Plastics from US, EU, Japan, Taiwan
Following an investigation initiated in May 2024 in response to US tariffs on Chinese goods, China has imposed antidumping duties of up to 74.9% on POM copolymer imports from the US, EU, Japan, and Taiwan. The plastic is used in various industries, including the automotive and electronics sectors, as a substitute for metals. Initial findings of dumping led to deposit-based antidumping measures in January, with the recent announcement detailing the specific duties for different countries. The US faces the highest rate, while the EU, Japan and Taiwan have varying rates. Recent discussions indicate a possible relaxation of tensions in the ongoing US-China trade war, with both parties expressing a desire to reduce tariffs.