100 percent tariffs on Chinese electric vehicles, the European e-commerce market continues to expand

India expands its local currency settlement to reduce its dependence on the US dollar Recently, the Reserve Bank of India has asked banks that do business with the UAE to use the Indian rupee and dirham to directly settle some of their trade payments. Screw terminal blocks, gx16 connector and Pedestrian Safety Reflectors should be noted.

Meanwhile, India has resumed negotiations with the Russian central bank to expand its local currency settlement mechanism.

Under the current international situation, India is gradually reducing its dependence on the US dollar.

As early as July 2023, India and Afghanistan agreed to establish a local currency cross-border trade framework to develop a local currency settlement system replacing the Global Interbank Financial Telecommunication Association (SWIFT) payment system.

Since then, the RBI has allowed UAE banks to open special rupee accounts in Indian banks for trade settlement, and encouraged importers and exporters to use the rupee and dirham for direct transactions.

Recently, the central bank of India requires domestic business with the united Arab emirates Banks in the uae payment, first from other Banks to match dirham funds, avoid Banks in the international foreign exchange market India rupees into dollars, then dollars to dirhams, intended to bypass the dollar for international transactions.

The process is still in its infancy, and the RBI has not set mandatory targets for the UAE, only to encourage the formation of the rupee-diram currency market.

India's push for local currency settlement will help make international trade more flexible and reduce its dependence on the dollar and ease pressure on foreign exchange reserves.

India's international trade advantage is not obvious, the realization of pee internationalization still has a long way to go.

Canada will impose a 100 percent tariff on Chinese electric vehicles

Canada will impose 100 percent tariffs on electric cars imported from China and 25 percent tariffs on steel and aluminum imports from China on the same rate, the United States said on Tuesday.

The new tariffs, which will take effect on October 1, will apply to Chinese electric cars, including passenger cars, trucks, buses and trucks, the Finance ministry said.

Tariffs on steel and aluminum will take effect in two weeks.

Canada will also open a 30-day consultation on possible tariffs on Chinese batteries, battery components, semiconductors, key minerals, metals and solar panels, the deputy prime Minister and finance minister said.

Canada has imposed tariffs on Chinese electric vehicles and other products to protect its own industries, but the move could lead to a deterioration in china-Canada trade relations.

The rise of trade protectionism will continue to disrupt the global supply chain and trade order and increase trade uncertainty.