China's auto industry association voices strong opposition to US auto tariffs

The China Association of Automobile Manufacturers (CAAM) on Friday voiced strong opposition to the U.S. decision to impose additional 25 percent tariffs on imported autos and certain auto parts.

Calling the U.S. move a "blatant act of unilateralism," the CAAM said such an act violates the World Trade Organization rules (WTO) and disrupts normal trade flows, and urged the U.S. side to correct its wrongful decision.

Noting that the auto industry is highly internationalized, the association said the U.S. move will significantly destabilize the global automotive supply chains and lead to an increase in auto prices, which will not only impose additional costs on consumers but also hinder the global economic recovery.

The CAAM also urged the U.S. administration to address industry concerns, engage in international trade with an open, inclusive and cooperative attitude, and work to maintain the prosperity and stability of the global auto industry.

The U.S. dollar weakened in late trading on Wednesday.

The dollar index, which measures the greenback against six major peers, fell 0.32 percent to 99.648 at 1900 GMT.

In late New York trading, the euro was up to 1.1607 dollars from 1.1523 dollars in the previous session, and the British pound climbed to 1.3324 dollars from 1.3189 dollars in the previous session.

The U.S. dollar bought 158.82 Japanese yen, lower than 158.95 Japanese yen in the previous session. The U.S. dollar decreased to 0.7931 Swiss francs from 0.8008 Swiss francs, and it was down to 1.3895 Canadian dollars from 1.3937 Canadian dollars. The U.S. dollar slipped to 9.3935 Swedish kronor from 9.4895 Swedish kronor.