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Myongshin, also a Hyundai Motor supplier, is part of a consortium which would initially spend a total of 200 billion won on the factory to produce 50,000 EVs starting 2021 and 150,000 EVs in 2025, according to a statement by a provincial government. “We aim to close this deal as soon as possible to ensure that there will be ongoing economic activity,” GM Korea said in a statement. The consortium was in talks with an unidentified global automaker to manufacture electric vehicles at the facility, a source with direct knowledge of the matter earlier told Reuters, adding that it was not Tesla louis philippe cufflinks.

The plant could take advantage of South Korea’s free trade deal with the United States and Europe, as well as the country’s electric car supply chain, he said. The electric car factory would create 900 jobs and another 2,000 at suppliers and other firms, the North Jeolla Province government said louis philippe cufflinks. GM’s loss-making South Korean operation used to be a key manufacturing base for the company in Asia but it has been hit hard by the U.S. automaker’s exit from Europe, a major export market. GM executives have also complained about labor costs and disputes..

CHICAGO (Reuters) – Stephen Wang is counting the costs of President Donald Trump’s trade war. He had to put down 12 times more cash as a guarantee to U.S. customs that he would pay the bill for tariffs on the Chinese-made pumps, valves and motors he imports. The cost of the guarantee – a U.S. customs bond – has shot up, an additional hit to importers already facing steep customs bills adding up to tens of billions of dollars for tariffs imposed by the Trump administration on incoming Chinese goods, as well as steel and aluminum imports louis philippe cufflinks.

Since coming into effect last year, the tariffs have pushed up manufacturing costs, upended decades-old global supply chains and inflated prices for consumers, resulting in lower sales and forcing companies to defer investments. This, in turn, has dimmed global growth outlook, roiling financial markets. Other ripple effects are less obvious, among them the rising expense of U.S. customs bonds louis philippe cufflinks. But for small companies that can ill afford the added cost, the impact can be crippling. Given the extra duties associated with Trump’s tariffs, importers have been forced to post bonds that are worth much more to guarantee they can cover the added cost of bringing Chinese imports, and foreign steel and aluminum, into the United States..

In some cases, customs bond requirements have increased 500-fold, according to Reuters interviews with a dozen importers, underwriters and customs brokers. “Managing the cash flow has become tough,” said Wang. If the tariff war drags on, he warns, companies operating with thin profit margins and a weak capital base could go bust louis philippe cufflinks. Wang is the chief executive of Hengli America, which procures supplies from China for customers such as CNH Industrial’s construction and farm equipment units..