NNA Asia top stories Monday, Dec. 3
TOKYO, NNA – The following are the top stories from NNA Asia for Monday, Dec. 3.
U.S. suspends tariff hike for 90 days, agrees with China to work to resolve trade row
TOKYO, NNA – The United States has agreed with China to avoid escalating their trade dispute, suspending for 90 days its plan to raise tariffs on Chinese imports on Jan. 1.
President Donald Trump and his counterpart Xi Jinping met on Saturday in Buenos Aires on the sidelines of a summit of the Group of 20 industrialized and emerging economies.
Washington said it will maintain the tariffs on $200 billion worth of Chinese imports at 10 percent but agreed not to raise them to 25 percent in exchange for more imports of U.S. products.
China agreed to “purchase a not yet agreed upon, but very substantial, amount of agricultural, energy, industrial, and other product from the United States to reduce the trade imbalance between our two countries," White House press secretary Sarah Huckabee Sanders said in a statement.
Iris Ohyama sets up in Vietnam to boost sourcing due to China labor costs
HO CHI MINH CITY, NNA – Japan’s furniture and household products maker Iris Ohyama Inc. has set up a Vietnamese unit to increase sourcing in Southeast Asia due to rising labor costs and tighter environmental regulations in China.
The company said last week that Iris Ohyama Vietnam in Ho Chi Minh City began operating on Nov. 15 as its suppliers in China shift their production to Southeast Asia, mainly Vietnam.
BMW to produce electric vehicle batteries in Thailand in 2019
BANGKOK, NNA – German carmaker BMW AG will produce eco-friendly car batteries in Thailand in 2019 to meet potential demand for vehicle electrification in Southeast Asia.
The company plans to invest 400 million baht ($12.2 million) in local battery production for plug-in hybrid cars in partnership with German auto parts maker Draxlmaier Group.