The European Commission has imposed steep tariffs of up to 66.7% on Chinese-made mobile access equipment (MAE) — machines used to lift construction workers — after concluding that these imports benefited from unfair state subsidies and were being sold at artificially low prices. The new duties are designed to protect the EU’s domestic MAE industry, which is valued at over €1 billion ($1.14 billion) annually.

The Commission said its investigation revealed Chinese manufacturers had received preferential state financing, subsidies, and below-market-rate inputs. This, it argued, enabled them to undercut EU rivals by selling equipment at prices approximately 20% lower, rapidly expanding their market share from 29% in 2020 to 41% by late 2023.

Last year, the United States saw a significant reduction in its goods-trade deficit with China, marking the smallest total since 2010. This decline in imports from its strategic rival is seen as a positive development in Washington. According to data from the US Commerce Department released…

The escalating fallout from President Donald Trump’s global trade war is rippling through boardrooms and balance sheets across multiple sectors, as leading companies including General Motors, Porsche, Adidas, and Electrolux withdraw financial guidance, cut forecasts, or warn of looming price hikes due to steep tariffs and policy volatility.

General Motors said Tuesday it could no longer provide reliable financial guidance for the year, citing the deepening uncertainty around trade policy. “We’re telling folks not to rely on the prior guidance,” CFO Paul Jacobson said, acknowledging that the potential impact of tariffs on GM’s bottom line could be “significant.”