Headline: German Chancellor Scholz: "German Auto Manufacturers Shouldn't Fear Chinese Competition"

Forex - In Germany, Chancellor Olaf Scholz stated that German automobile manufacturers should not fear competition from China. Scholz remarked, "Some say that China can produce much better electric motors than us." He highlighted that the industry has previously overcome strong competition from South Korea and Japan, and reiterated Germany's stance against the European Union's tariffs on Chinese-made electric vehicles (EVs), saying, "German companies do not need to fear this competition." Scholz added, "I am against tariffs that harm us," and emphasized that the EU should employ such measures when dumping and subsidies disadvantage European producers, such as in the steel industry. The EU imposes heavy tariffs on Chinese-made electric vehicles, claiming they benefit from unfair state subsidies. Beijing denies this and has threatened retaliation, while German car manufacturers, who earn about a third of their profits in China, have expressed concerns and called for more discussions. Germany voted against the tariffs.