July 20, 2018
The Chinese company has issued a statement regarding its financial results for the first half of 2018, and revealing its take on the impact of Trump’s new tariffs on Chinese products.
Beginning by predicting its net profit for the first half of 2018, Ninestar goes on in its statement to tackle the issue of the Sino-US trade war, which began in April when the US formally announced the implementation of a 25 percent tariff on $50 billion (€42.7 billion) worth of Chinese imports.
The full list of products which are subject to these additional duties can be found here.
Speaking of the tariffs, US Ambassador Robert Lighthizer commented: “We must take strong defensive actions to protect America’s leadership in technology and innovation against the unprecedented threat posed by China’s theft of our intellectual property, the forced transfer of American technology, and its cyber-attacks on our computer networks. China’s government is aggressively working to undermine America’s high-tech industries and our economic leadership through unfair trade practices and industrial policies like ‘Made in China 2025.’ Technology and innovation are America’s greatest economic assets and President Trump rightfully recognizes that if we want our country to have a prosperous future, we must take a stand now to uphold fair trade and protect American competitiveness.”
Ninestar has now announced in its statement that, “Judging from the public information that the company can obtain at present, the company’s products are not included” in the list. Ninestar also went on to say that its management is “closely monitoring the impact of the Sino-US trade disputes” but has not ruled out investing in two US projects. One project is the “US renewable supplies production base” and the other is Ninestar’s US R&D centre.
US President Donald Trump has received significant criticism for the institution of his tariffs from within his own nation, with business leaders expressing outrage and the Imaging Supplies Coalition voicing its concern that these tariffs will be “ineffective and counterproductive.”
Categories : World Focus