Latest news with #Chinese-controlled
Time of India
3 days ago
- Automotive
- Time of India
After kill switches in solar panels, is China fitting data-collection technology on Pirelli tires, U.S. warns?
Live Events FAQs (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Clandestine war over AI or Artificial Intelligence and data between USA and China seems to be elevating high-tech day by day. Now, apprehensions are being raised over China plausibly fitting data-collection technology on Pirelli tires, as per a report on Donald Trump administration has warned Pirelli that sales of vehicles fitted with its data-collecting technology could be restricted due to concerns over the influence on the tyremaker of its Chinese investor, Reuters reported quoting U.S. is cracking down on Chinese technology in the automotive industry, banning key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads. Software prohibitions take effect in the 2027 model year, those on hardware in Pirelli, whose largest shareholder with a 37 per cent stake is Chinese state group Sinochem, has developed technology allowing data from its so-called Cyber Tyres to be collected and transferred in real time to the informal advisory to Pirelli was outlined in a letter dated April 25 by the Commerce Department's Bureau of Industry and Security, Bloomberg added that the letter, sent in response to a request for an advisory opinion by Pirelli, said automakers that incorporate Cyber Tyre technology into their vehicles would likely need to apply for a specific authorization to sell them in the and its second-largest investor Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, have entered a dispute with Sinochem over the tyremaker's governance, claiming Sinochem's leading shareholding position was hindering the group's ability to expand its business in the makes around 25 per cent of its revenue in North America, which it mostly serves through plants in Mexico, South America and Europe, although it also runs a smaller facility in the U.S. state of week CEO Andrea Casaluci said in an interview with Italian daily Corriere della Sera that Pirelli was in a risky situation after Sinochem rejected a proposal by the company to solve its governance issues.A1. The full form of AI is Artificial Intelligence.A2. Italy's Pirelli, whose largest shareholder with a 37 per cent stake is Chinese state group Sinochem.
Yahoo
3 days ago
- Automotive
- Yahoo
U.S. warns Pirelli on possible sale restrictions over Chinese investors, Bloomberg says
MILAN (Reuters) -The United States has warned Pirelli that sales of vehicles fitted with its data-collecting technology could be restricted due to concerns over the influence on the tyremaker of its Chinese investor, Bloomberg reported on Tuesday. Pirelli declined to comment, while the U.S. Commerce Department was not immediately reachable for comment. Italy's Pirelli, whose largest shareholder with a 37% stake is Chinese state group Sinochem, has developed technology allowing data from its so-called Cyber Tyres to be collected and transferred in real time to the vehicle. The U.S. is cracking down on Chinese technology in the automotive industry, banning key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads. Software prohibitions take effect in the 2027 model year, those on hardware in 2029. The informal advisory to Pirelli was outlined in a letter dated April 25 by the Commerce Department's Bureau of Industry and Security, Bloomberg said. It added that the letter, sent in response to a request for an advisory opinion by Pirelli, said automakers that incorporate Cyber Tyre technology into their vehicles would likely need to apply for a specific authorization to sell them in the U.S. Pirelli and its second-largest investor Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, have entered a dispute with Sinochem over the tyremaker's governance, claiming Sinochem's leading shareholding position was hindering the group's ability to expand its business in the U.S. Pirelli makes around 25% of its revenue in North America, which it mostly serves through plants in Mexico, South America and Europe, although it also runs a smaller facility in the U.S. state of Georgia. Last week CEO Andrea Casaluci said in an interview with Italian daily Corriere della Sera that Pirelli was in a risky situation after Sinochem rejected a proposal by the company to solve its governance issues.
Yahoo
3 days ago
- Automotive
- Yahoo
U.S. warns Pirelli on possible sale restrictions over Chinese investors, Bloomberg says
MILAN (Reuters) -The United States has warned Pirelli that sales of vehicles fitted with its data-collecting technology could be restricted due to concerns over the influence on the tyremaker of its Chinese investor, Bloomberg reported on Tuesday. Pirelli declined to comment, while the U.S. Commerce Department was not immediately reachable for comment. Italy's Pirelli, whose largest shareholder with a 37% stake is Chinese state group Sinochem, has developed technology allowing data from its so-called Cyber Tyres to be collected and transferred in real time to the vehicle. The U.S. is cracking down on Chinese technology in the automotive industry, banning key software and hardware from Chinese-controlled companies in connected vehicles on U.S. roads. Software prohibitions take effect in the 2027 model year, those on hardware in 2029. The informal advisory to Pirelli was outlined in a letter dated April 25 by the Commerce Department's Bureau of Industry and Security, Bloomberg said. It added that the letter, sent in response to a request for an advisory opinion by Pirelli, said automakers that incorporate Cyber Tyre technology into their vehicles would likely need to apply for a specific authorization to sell them in the U.S. Pirelli and its second-largest investor Camfin, the vehicle of Italian businessman Marco Tronchetti Provera, have entered a dispute with Sinochem over the tyremaker's governance, claiming Sinochem's leading shareholding position was hindering the group's ability to expand its business in the U.S. Pirelli makes around 25% of its revenue in North America, which it mostly serves through plants in Mexico, South America and Europe, although it also runs a smaller facility in the U.S. state of Georgia. Last week CEO Andrea Casaluci said in an interview with Italian daily Corriere della Sera that Pirelli was in a risky situation after Sinochem rejected a proposal by the company to solve its governance issues. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Epoch Times
23-05-2025
- Business
- Epoch Times
Behind US-China Tariff Tit-for-Tat
Commentary Much of the media focus on the Trump administration's reciprocal tariff policy has been on the progress of tariff negotiations with each U.S. trade partner. With respect to communist China, media headlines in recent weeks have concentrated on the tit-for-tat of tariffs proposed by the United States and 'countered' by China. That eventually led to a temporary tariff de-escalation agreement reached between the two countries in Geneva on May 14. The deal sets the table for comprehensive U.S.–China trade negotiations. They will include non-tariff-related issues that have long been barriers to U.S. companies and products in China—a relatively unreported but key objective of Trump's trade strategy. Let us examine the topic. US–China Tariffs and Counter-Tariffs Re-balancing trade with China has taken center stage in the second Trump administration. The signing of China's response was to impose 15 percent tariffs on U.S. coal and liquefied natural gas, 10 percent tariffs on U.S. oil and agricultural machinery. Related Stories 5/22/2025 5/19/2025 Beijing also implemented non-tariff measures that included launching an antitrust investigation into Google and adding some U.S. companies to its 'Unreliable Entity List.' Companies on that list face penalties and barriers to the Chinese domestic market, including trade and investment restrictions, entry bans, permit revocations, and fines. On March 4, the United States raised tariffs on all Chinese products to 20 percent. China retaliated on March 10, with 10 to 15 percent tariffs on select U.S. agricultural, meat, and dairy products, a suspension of U.S. lumber imports, and a revocation of soybean import licenses for three U.S. firms. On April 2, President Trump signed China retaliated with a 34 percent tariff on all U.S. goods. In addition it added non-tariff measures such as implementing export restrictions on Chinese-controlled rare earth elements—vital for strategic manufacturing processes—and adding more U.S. companies to its Unreliable Entity List. On April 8, in response to this Chinese retaliation, President Trump signed On April 9, he signed China immediately retaliated by raising tariffs on all U.S. exports to a total tariff rate of 147.6 percent, again adding more U.S. companies to its Unreliable Entity List. On May 14, U.S. and Chinese negotiators agreed to a temporary 90-day tariff reduction. The United States reduced its tariffs on Chinese goods from 145 percent to 30 percent, while China reduced its tariffs on U.S. goods from 147.6 percent to 10 percent. China also agreed to suspend various retaliatory non-tariff measures while formal negotiations on a comprehensive trade deal are completed. Chinese Non-Tariff Trade Barriers Chinese retaliation to new U.S. tariffs has included a few non-tariff actions, as identified above. However, the list of non-tariff-related barriers on the United States (and other countries) implemented arbitrarily by China's Ministry of Commerce is extensive, complex, and fraught with peril for companies interested in doing business in China. It is ironic that, despite regular pronouncements from Chinese leader Xi Jinping about steps being taken to 'open China,' the policies and regulations the Ministry of Commerce has implemented over the past 40-plus years have done the exact opposite. Here are some of the more onerous non-tariff measures and practices throttling U.S. and other foreign companies in China, which President Trump's reciprocal tariff policy is attempting to address. State-sponsored Mercantilist Practices The Chinese regime has implemented efforts that violate World Trade Organization rules, agreed to when China joined the WTO in 2001. China heavily subsidizes its state-owned enterprises, in violation of the WTO's Agreement on Subsidies and Countervailing Measures. A 2023 Subsidies allow Chinese companies to undercut the production costs of foreign companies and gain market share domination in various commercial sectors by 'dumping' cheap Chinese goods in countries around the world. A companion practice is China's currency manipulation, which undervalues the yuan to make its exports cheaper. Market Access Restrictions In addition to the arbitrarily maintained Unreliable Entity List noted above, China restricts access to its domestic market through various policies, rules, and blacklists. For example, China has not joined the WTO's Government Procurement Agreement, despite promises to do so. This limits foreign companies' access to China's public procurement market. China routinely blocks agricultural imports—typically without any scientific basis other than claims of pest contamination—as a punitive measure to provide leverage points in diplomatic negotiations. These blacklists are also intended to favor Chinese producers at the expense of foreign entities. On the flip side, China has restricted access to critical raw materials such as rare earth elements, in direct violation of WTO precursor Regulations Foreign companies wishing to do business in China, especially automotive, aerospace, telecommunications, and information technology enterprises, are required to develop joint ventures with Chinese firms. Joint ventures are a key tactic for the mandatory transfer of technology, designs, and trade secrets, reverse engineering of foreign technology and designs, and perpetrating the outright theft of foreign intellectual property of all kinds. Regulations require many foreign companies to contribute proprietary technologies to Chinese national standards maintained by the Standardization Administration of China. Other regulations, such as China's Cybersecurity Law and the Multi-Level Protection Scheme, require foreign companies to store data locally and undergo periodic cybersecurity reviews, which grant Chinese access to proprietary data and records. China also has local content rules that prioritize domestic firms for public contracts and force foreign companies to use locally produced components or services when selling in the Chinese domestic market. Concluding Thoughts U.S. reciprocal tariffs are aimed at solving a long-standing U.S.–China trade imbalance benefiting China at the expense of U.S. producers. While garnering most of the headlines, the tariffs also provide substantial leverage to address many non-tariff barriers to U.S. trade erected by communist China over the years. Pushing China to comply with its original commitments to the WTO and the associated trade practice regimen and addressing the above trade barriers will go a long way toward 'opening China' for real. Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.
Business Times
29-04-2025
- Automotive
- Business Times
Pirelli asserts independence from China's Sinochem as it seeks US expansion
[MILAN] Italy's Pirelli said on Monday (Apr 28) that the government's 'golden powers' in the company meant it was no longer controlled by China's Sinochem , in a move that might make it easier for the tyre maker to expand in the United States. Pirelli's Chinese and Italian shareholders have been at odds over the group's governance, with the company and its second-largest investor Camfin saying Sinochem was posing a hurdle to ambitions to expand in the US, one of its key markets. The Italian government intervened in 2023 to curb state-controlled Sinochem's influence in Pirelli and protect the autonomy of its management under so-called 'golden power' legislation for companies deemed of strategic importance. Following that move, Pirelli's board said on Monday it had passed a resolution declaring that Sinochem no longer controlled the company. It described that as 'a first, but not decisive, step on the path to the necessary adjustment of company governance to regulatory constraints in the USA'. 'Management therefore reaffirmed it will continue its dialogue with the main shareholders to align Pirelli's governance with American regulations, particularly regarding connected vehicles, in the interests of the company and all its stakeholders,' it added. Sinochem, which holds a 37 per cent stake in Pirelli, said it was firmly opposed to the board's decision, arguing the golden powers ruling did not envisage any clause stripping it of control. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Sinochem did not elaborate on possible countermeasures, including whether it might contest the board's move in court. Pirelli responded to Sinochem's statement saying it 'rejects its content and confirms the correctness of the analysis conducted by the management and approved by the Board of Directors'. 'Cyber tyres' The US is cracking down on Chinese technology in the automotive industry, banning key software and hardware from Chinese-controlled companies in connected vehicles on US roads. Software prohibitions take effect in the 2027 model year, those on hardware in 2029. Some of the tyres Pirelli makes, so called Cyber Tyres, are fitted with a technology to collect data during motion and transfer the information in real time to the vehicle. Last month, Pirelli said it had put on hold plans to invest further in the US due to regulatory issues linked to having Sinochem as its largest investor. Pirelli said nine out of 15 board members voted in favour of Monday's resolution. Chairman Jiao Jian and four other Chinese board members voted against. Another Chinese member abstained. The resolution was backed by Camfin's four board directors, three board members representing institutional investors as well as two Italian directors appointed by Sinochem. Pirelli shares closed down 0.5 per cent. REUTERS
