The Spanish olive oil makers, faced with difficulties caused by the U.S. tariffs, are seeking new markets to sustain their business.
Spain is a global leading producer and exporter of olive oil, with the United States as one of its key markets.
Olive products from a producer in the Madrid Community are sold across the world, including the U.S. market.
Following the sweeping tariffs imposed by the United States, Felix Exposito, a local olive grower, voiced concerns about the negative effects of U.S. tariffs, saying that it will increase olive production cost and cut their market share.
"In other words, the tariffs that Trump is putting on us are very detrimental, because the first thing it is going to do to us is that it is going to make us farmers to increase the cost of olive production and that is not good for us. And another fundamental thing is that it will make us get off in the olive oil market," said Exposito.
Due to rising costs and shrinking profits, some olive companies have to cancel orders. Small and medium-sized exporters are forced to halt exports to the United States.
"Many companies that export oil to the United States are looking to see if something happens," said Exposito.
Exposito also said that the sweeping U.S. tariffs bring uncertainty to Spain's olive oil industry, adding that almost all Spanish olive oil producers face the same predicament.
To mitigate the impact, Spanish olive oil producers are pivoting towards alternative markets beyond the United States.
Spanish olive oil producers worried about sweeping U.S. tariffs
A beneficial international environment helped boost the development of China's auto industry, and achieving common prosperity with the host countries should be a principle for Chinese auto companies to go overseas, said Li Shufu, chairman of China's leading automaker Geely Holding Group.
Li made the statement in an interview with China Global Television Network (CGTN) in Hangzhou, capital of the eastern province Zhejiang, where Geely is headquartered.
He said that besides the existence of a beneficial international environment, a large inflow of global investment also significantly contributed to boosting China's auto industry in the early years of its development.
"Most importantly, the international environment brought about the opportunities for development and China seized these opportunities. Against this backdrop, international capital, talent and technology, as well as global automotive players, came to invest and develop business in China. Additionally, both upstream and downstream industrial chains also set up operations, made investment and pursued development in China. The national policies were also inclusive and were aimed at expanding opening up, allowing enterprises such as Geely to participate in the development of the automotive industry. The inclusive national policies helped boost the development of China's auto industry," Li said.
"Later on, China's auto industry drew more private and foreign capital. Driven by vigorous competition among all players, the entire industrial chain gradually became China-based, and an ecosystem took shape across the sector," he said.
Li said that over the past few decades, as China's auto industry pursues intelligent and electric transformation, strong supports have been given by both central and local governments.
"Especially over the past decade and more, the Chinese government has offered unprecedented support for intelligent and electrified transformation of the auto industry. I think, few governments around the world have ever given the sector such strong support, and they have been given by both central and local governments. It is because of all these forces that China's auto industry has become what it is today," he said.
Li said that as more and more Chinese automakers choose to set up operations in overseas markets, achieving shared prosperity with the host countries become increasingly critical.
"If Chinese automakers want to go abroad, they must pursue localization, whether entering Europe or other markets. Based on my experience and the lessons I have learned, Chinese brands must deliver prosperity to the local economy, boost local employment, and support the host country's sustainable development," he said.
"As Chinese enterprises expand overseas, they must act in a friendly, law-abiding, compliant, fair and transparent manner. They should not only fulfill social responsibilities and advance corporate sustainable development, but also help generate good economic development, thereby achieving shared prosperity and win-win growth with the host countries. I believe this is a fundamental prerequisite for Chinese auto companies to pursue localization and to compete globally," he noted.
"If we are friendly and cooperative, the host countries can feel that we come to extend support and make contribution, rather than exploit or fight with them," according to Li.
Chairman of China's leading automaker speaks on industry development, overseas market strategy
