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Local Germany
6 days ago
- Business
- Local Germany
Germany unveils tax breaks to boost stagnant economy
"It's important to send a clear signal in support of our country's economic strength and competitiveness," Finance Minister Lars Klingbeil said at a press conference. Klingbeil he said he hoped the package, worth a cumulative 45.8 billion euros, could be pushed through parliament by the end of the month. Under the plans, Germany's corporate tax rate would fall by one percent a year from 2028 to reach 10 percent, down from 15 percent. Companies would also be able to deduct 30 percent of the cost of new machinery and equipment from their tax bill between 2025 and 2027, and electric company cars would receive preferential tax treatment. Economy Minister Katherina Reiche said in a statement the plans would send an important "signal" to firms that Germany was open for business. "Germany is back," she said. "Today's cabinet decision means we are going for growth and increased competitiveness, and more measures will come." Germany's economy has struggled in recent years in the face of high production costs at home, increasingly fierce Chinese competition and growing global trade tensions fired by US President Donald Trump. READ ALSO: Trump extends deadline for tariffs on goods from Germany to July 9th The new government under conservative Chancellor Friedrich Merz has already set out plans for a 500-billion-euro infrastructure fund in a bid to put the economy back on the right track. But analysts have warned that money alone will not be enough to restart Germany's economic motor without structural reforms. Commenting on an earlier outline of the tax plan, Deutsche Bank economist Robin Winkler said the deductions would provide "a welcome short-term stimulus for the manufacturing sector" without being a silver bullet. "Its impact on facilitating the broader structural transformation of the German economy is likely to be limited," he said in a research note. Advertisement Some of Germany's regional governments -- which would have to approve the plans in the parliament's upper house -- have voiced concern at the cost, with 28 billion euros in lost revenue forecast for them between 2025 and 2029. "These billions in investments will go up in smoke if the states and municipalities see holes in their core budgets," Anke Rehlinger, the leader of the Saarland region, said in an interview with news website T-Online.
Yahoo
01-04-2025
- Automotive
- Yahoo
Opinion - How ‘America First' created a strategic opening for Beijing
In February, Tesla's auto sales in Europe dropped sharply. According to Jato Dynamics, Tesla sold only 15,700 vehicles in Europe that month, a 44 percent decrease from last year. Consumer confidence has also declined sharply. In a public poll conducted by German publication T-Online, over 100,000 readers participated, with more than 94 percent stating they would not consider purchasing a Tesla vehicle in the future. Only 3 percent of respondents said they would still consider buying a Tesla product. Meanwhile, China's largest electric vehicle manufacturer, BYD, sold more than 4,000 vehicles in Europe — a 94 percent year-on-year increase. Overall, Chinese electric vehicle brands have now overtaken Tesla in European market share. This shift goes beyond corporate competition; it reflects a broader contest of national image and strategic influence. Tesla's decline partly mirrors the global backlash triggered by the 'America First' doctrine. Tesla CEO Elon Musk's close ties with the Trump administration and his frequent, often controversial, commentary on international politics — at times perceived as interference in European politics — have fueled growing skepticism among European consumers towards the brand. For decades, American brands such as Apple, McDonald's, Nike and Gap succeeded globally. These brands sold more than goods; they also sold the American image of freedom, innovation, trust and moral responsibility fundamental to the country's foreign relations. But the 'America First' approach is eroding this foundation. As European governments continue to seek ties with Washington, ordinary consumers are signaling discontent through their purchases. Tesla may be the first visible casualty, but more U.S. companies are likely to feel similar pressures soon. This trend should raise serious concerns among U.S. firms about the long-term sustainability of their international profit margins. At the same time, China is swiftly moving to fill the vacuum left by America's retreat. When the U.S. imposed tariffs on China and halted military and intelligence support to Ukraine, China responded with countermeasures — specifically, imposing tariffs on U.S. agricultural goods and signing a grain trade deal with Ukraine to expand imports. This not only increases geopolitical pressure on Russia but also signals goodwill to the European Union. Soon after, the European Parliament lifted the requirements that meetings with high-level Chinese officials need prior notification, paving the way for deeper China-EU engagement. Beijing followed by announcing that China's second-ranked Premier Li Qiang would personally attend the China-EU summit — a move seen as both a strategic avoidance of direct affront to the U.S. and a signal of EU-China cooperation. His presence was interpreted as an effort to solidify economic partnerships and expand Chinese companies' footprint in the European market. These trends are not isolated incidents; they reflect a larger, systemic shift in the balance of global influence. By 2024, China's total goods trade reached 43.85 trillion yuan, around $6 trillion, making it the world's largest trading nation. The U.S. followed with more than $5.3 trillion in total trade. While the U.S. still holds sway in some regions, China is now the top trade partner for most countries worldwide. China also accounts for 85 percent of the world's rare earth processing, 70 percent of cobalt supply chains, 50 percent of lithium processing, and more than 40 percent of refined copper and nickel. Through overseas acquisitions and government policy support, Chinese firms have built a dominant strategic position in the critical resources supply chain. Although Tesla's U.S.-assembled vehicles are largely American-made, a significant portion of components, such as lithium iron phosphate batteries and electronic modules, are still imported from China, according to Reuters. Chinese workers earn an average of $4 per hour, compared to $22 in the United States. Under Beijing's industrial policies, companies like BYD have rapidly scaled up, and in 2024, BYD surpassed Tesla to become the world's top-selling electric vehicle manufacturer. Prioritizing domestic interests, the U.S. sought to curtail China's rising global influence and reduce its trade deficit through a trade war. Yet paradoxically, the America First strategy has created strategic openings for Beijing. As Washington retreats from international engagement, China continues to expand its influence in Africa, Latin America and Southeast Asia through its trillion-dollar global policy, the Belt and Road Initiative. In a striking development, for example, the Thai government recently repatriated more than 40 Uyghurs to China — a move that drew concern from international human rights organizations and would have been unthinkable just years ago. This reflects China's growing political clout in Southeast Asia and suggests a shift in regions once heavily aligned with American values. For decades, the U.S. built its soft power through foreign aid and global diplomatic leadership — pillars that also helped American businesses gain international trust. However, the inward turn of America First is eroding this foundation, leading to growing setbacks for brands like Tesla in global markets. Of course, it is important to recognize that China's growth model is not one that can, or should, be replicated. Its rapid development has come largely at the expense of environmental and labor protections. According to China's official 'First Biennial Transparency Report on Climate Change,' the country is projected to require around $3.48 trillion in environmental spending between 2024 and 2030. According to the China Dissent Monitor, China saw over 3,600 mass protest incidents in the past two years. These reflect the cost of an unsustainable, resource-intensive growth strategy. In this context, the top U.S. priority should not be to launch a global trade war. Rather, America should consolidate its resources to strategically respond to China's systemic challenge. First, the U.S. should focus its tariffs and regulatory scrutiny specifically on Chinese products — especially those tied to state subsidies, forced labor or environmental degradation exported to the U.S. either directly or through third countries. This would be a more strategic and targeted approach — one more likely to gain acceptance from U.S. allies and avoid triggering wider trade conflict. The U.S. should also avoid further alienating traditional allies such as Canada, Mexico and Europe. Instead, Washington should strengthen coordination with its allies by aligning supply chain due-diligence frameworks, such as the U.S. sanctions against forced labor and the forthcoming EU supply chain directive. Together, they can block market access for products that do not meet shared labor and environmental standards. While these countries remain aligned with the U.S. politically, their consumers have begun to voice discontent through their purchasing behavior, reducing demand for American goods. This trend directly undermines the intended effects of U.S. tariff policy. Ultimately, it is the president's advisors and Congress who must urgently reevaluate the global consequences of their policy decisions. Delay will only deepen the loss of market share, global trust and competitiveness for American firms — consequences that run counter to the very goals of the America First agenda Li Qiang is the founder and executive director of China Labor Watch. He is a veteran human rights advocate with over two decades of experience researching labor conditions and supply chains in China. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
01-04-2025
- Automotive
- The Hill
How ‘America First' created a strategic opening for Beijing
In February, Tesla's auto sales in Europe dropped sharply. According to Jato Dynamics, Tesla sold only 15,700 vehicles in Europe that month, a 44 percent decrease from last year. Consumer confidence has also declined sharply. In a public poll conducted by German publication T-Online, over 100,000 readers participated, with more than 94 percent stating they would not consider purchasing a Tesla vehicle in the future. Only 3 percent of respondents said they would still consider buying a Tesla product. Meanwhile, China's largest electric vehicle manufacturer, BYD, sold more than 4,000 vehicles in Europe — a 94 percent year-on-year increase. Overall, Chinese electric vehicle brands have now overtaken Tesla in European market share. This shift goes beyond corporate competition; it reflects a broader contest of national image and strategic influence. Tesla's decline partly mirrors the global backlash triggered by the 'America First' doctrine. Tesla CEO Elon Musk's close ties with the Trump administration and his frequent, often controversial, commentary on international politics — at times perceived as interference in European politics — have fueled growing skepticism among European consumers towards the brand. For decades, American brands such as Apple, McDonald's, Nike and Gap succeeded globally. These brands sold more than goods; they also sold the American image of freedom, innovation, trust and moral responsibility fundamental to the country's foreign relations. But the 'America First' approach is eroding this foundation. As European governments continue to seek ties with Washington, ordinary consumers are signaling discontent through their purchases. Tesla may be the first visible casualty, but more U.S. companies are likely to feel similar pressures soon. This trend should raise serious concerns among U.S. firms about the long-term sustainability of their international profit margins. At the same time, China is swiftly moving to fill the vacuum left by America's retreat. When the U.S. imposed tariffs on China and halted military and intelligence support to Ukraine, China responded with countermeasures — specifically, imposing tariffs on U.S. agricultural goods and signing a grain trade deal with Ukraine to expand imports. This not only increases geopolitical pressure on Russia but also signals goodwill to the European Union. Soon after, the European Parliament lifted the requirements that meetings with high-level Chinese officials need prior notification, paving the way for deeper China-EU engagement. Beijing followed by announcing that China's second-ranked Premier Li Qiang would personally attend the China-EU summit — a move seen as both a strategic avoidance of direct affront to the U.S. and a signal of EU-China cooperation. His presence was interpreted as an effort to solidify economic partnerships and expand Chinese companies' footprint in the European market. These trends are not isolated incidents; they reflect a larger, systemic shift in the balance of global influence. By 2024, China's total goods trade reached 43.85 trillion yuan, around $6 trillion, making it the world's largest trading nation. The U.S. followed with more than $5.3 trillion in total trade. While the U.S. still holds sway in some regions, China is now the top trade partner for most countries worldwide. China also accounts for 85 percent of the world's rare earth processing, 70 percent of cobalt supply chains, 50 percent of lithium processing, and more than 40 percent of refined copper and nickel. Through overseas acquisitions and government policy support, Chinese firms have built a dominant strategic position in the critical resources supply chain. Although Tesla's U.S.-assembled vehicles are largely American-made, a significant portion of components, such as lithium iron phosphate batteries and electronic modules, are still imported from China, according to Reuters. Chinese workers earn an average of $4 per hour, compared to $22 in the United States. Under Beijing's industrial policies, companies like BYD have rapidly scaled up, and in 2024, BYD surpassed Tesla to become the world's top-selling electric vehicle manufacturer. Prioritizing domestic interests, the U.S. sought to curtail China's rising global influence and reduce its trade deficit through a trade war. Yet paradoxically, the America First strategy has created strategic openings for Beijing. As Washington retreats from international engagement, China continues to expand its influence in Africa, Latin America and Southeast Asia through its trillion-dollar global policy, the Belt and Road Initiative. In a striking development, for example, the Thai government recently repatriated more than 40 Uyghurs to China — a move that drew concern from international human rights organizations and would have been unthinkable just years ago. This reflects China's growing political clout in Southeast Asia and suggests a shift in regions once heavily aligned with American values. For decades, the U.S. built its soft power through foreign aid and global diplomatic leadership — pillars that also helped American businesses gain international trust. However, the inward turn of America First is eroding this foundation, leading to growing setbacks for brands like Tesla in global markets. Of course, it is important to recognize that China's growth model is not one that can, or should, be replicated. Its rapid development has come largely at the expense of environmental and labor protections. According to China's official ' First Biennial Transparency Report on Climate Change,' the country is projected to require around $3.48 trillion in environmental spending between 2024 and 2030. According to the China Dissent Monitor, China saw over 3,600 mass protest incidents in the past two years. These reflect the cost of an unsustainable, resource-intensive growth strategy. In this context, the top U.S. priority should not be to launch a global trade war. Rather, America should consolidate its resources to strategically respond to China's systemic challenge. First, the U.S. should focus its tariffs and regulatory scrutiny specifically on Chinese products — especially those tied to state subsidies, forced labor or environmental degradation exported to the U.S. either directly or through third countries. This would be a more strategic and targeted approach — one more likely to gain acceptance from U.S. allies and avoid triggering wider trade conflict. The U.S. should also avoid further alienating traditional allies such as Canada, Mexico and Europe. Instead, Washington should strengthen coordination with its allies by aligning supply chain due-diligence frameworks, such as the U.S. sanctions against forced labor and the forthcoming EU supply chain directive. Together, they can block market access for products that do not meet shared labor and environmental standards. While these countries remain aligned with the U.S. politically, their consumers have begun to voice discontent through their purchasing behavior, reducing demand for American goods. This trend directly undermines the intended effects of U.S. tariff policy. Ultimately, it is the president's advisors and Congress who must urgently reevaluate the global consequences of their policy decisions. Delay will only deepen the loss of market share, global trust and competitiveness for American firms — consequences that run counter to the very goals of the America First agenda Li Qiang is the founder and executive director of China Labor Watch. He is a veteran human rights advocate with over two decades of experience researching labor conditions and supply chains in China.
Yahoo
22-03-2025
- Automotive
- Yahoo
94 percent of polled Germans said they'll never buy a Tesla
Germany is so over electric car maker Tesla, according to a recent poll, and the company can thank CEO Elon Musk for the cold shoulder. A new T-Online poll found that of 100,000 Germans, 94 percent said they would not buy a Tesla. Only 3 percent said they'd still consider the purchase. Earlier this month Forbes reported that German Tesla sales in February dropped by 76 percent. It's not just a coincidence or a fluke of the EV industry — electric vehicle registrations in Germany increased by 32 percent during the same time period that Tesla sales dropped. While not all of Tesla's woes can be placed in Musk's lap — EV competition has been increasing for years — Musk's political antics certainly haven't seemed to help his company. Musk has voiced support for the far-right AfD political party in Germany, even hosting a call with supporters and telling them to "move beyond" their "past guilt." During the call, he told AfD backers that "children should not be guilty of the sins of their parents, let alone their great-grandparents" in an apparent reference to the nation's Nazi past. It did not help that his call to move past the Nazis came just two days before Holocaust Remembrance Day. The Tesla CEO also didn't win many fans in Germany after throwing a salute during Donald Trump's inauguration ceremony that many described as a "Nazi" salute. His defenders — including Israeli Prime Minister Benjamin Netanyahu — waved off the criticism, with some saying Musk's gesture was simply a "Roman" salute. Musk himself responded to the controversy by sharing a bunch of Nazi puns. Tesla has faced backlash in the U.S. as well. Protests at Tesla showrooms have cropped up in response to Musk's work as the head of the "Department of Government Efficiency," which has spent most of its short existence gutting the federal workforce and accessing US citizens' private information. Some have taken their fury further, with incidents of vandalism of Tesla vehicles and at Tesla showroom locations. During an all-hands employee livestream on Thursday, Musk tried to reassure his employees and told them not to sell their stock in the company. 'If you read the news it feels like, you know, Armageddon,' Musk said according to a CNBC report. 'It's like, I can't walk past the TV without seeing a Tesla on fire. Like what's going on? Some people, it's like, listen, I understand if you don't wanna buy our product, but you don't have to burn it down. That's a bit unreasonable.' He urged his detractors to "stop being psycho." In the meantime, Trump and his Attorney General, Pam Bondi, said anyone convicted of vandalizing a Tesla or Tesla property would be treated as a domestic terrorist and even threatened on Truth Social to ship them off to the president's preferred migrant gulag in El Salvador.
The Independent
22-03-2025
- Automotive
- The Independent
94 percent of polled Germans said they'll never buy a Tesla
Germany is so over electric car maker Tesla, according to a recent poll, and the company can thank CEO Elon Musk for the cold shoulder. A new T-Online poll found that of 100,000 Germans, 94 percent said they would not buy a Tesla. Only 3 percent said they'd still consider the purchase. Earlier this month Forbes reported that German Tesla sales in February dropped by 76 percent. It's not just a coincidence or a fluke of the EV industry — electric vehicle registrations in Germany increased by 32 percent during the same time period that Tesla sales dropped. While not all of Tesla's woes can be placed in Musk's lap — EV competition has been increasing for years — Musk's political antics certainly haven't seemed to help his company. Musk has voiced support for the far-right AfD political party in Germany, even hosting a call with supporters and telling them to "move beyond" their "past guilt." During the call, he told AfD backers that "children should not be guilty of the sins of their parents, let alone their great-grandparents" in an apparent reference to the nation's Nazi past. It did not help that his call to move past the Nazis came just two days before Holocaust Remembrance Day. The Tesla CEO also didn't win many fans in Germany after throwing a salute during Donald Trump's inauguration ceremony that many described as a "Nazi" salute. His defenders — including Israeli Prime Minister Benjamin Netanyahu — waved off the criticism, with some saying Musk's gesture was simply a "Roman" salute. sharing a bunch of Nazi puns. Tesla has faced backlash in the U.S. as well. Protests at Tesla showrooms have cropped up in response to Musk's work as the head of the "Department of Government Efficiency," which has spent most of its short existence gutting the federal workforce and accessing US citizens' private information. Some have taken their fury further, with incidents of vandalism of Tesla vehicles and at Tesla showroom locations. During an all-hands employee livestream on Thursday, Musk tried to reassure his employees and told them not to sell their stock in the company. 'If you read the news it feels like, you know, Armageddon,' Musk said according to a CNBC report. 'It's like, I can't walk past the TV without seeing a Tesla on fire. Like what's going on? Some people, it's like, listen, I understand if you don't wanna buy our product, but you don't have to burn it down. That's a bit unreasonable.' He urged his detractors to "stop being psycho." In the meantime, Trump and his Attorney General, Pam Bondi, said anyone convicted of vandalizing a Tesla or Tesla property would be treated as a domestic terrorist and even threatened on Truth Social to ship them off to the president's preferred migrant gulag in El Salvador.
