South Korean experts are warning of serious risks induced by the sweeping U.S. tariffs on the country's automakers.
The damage to the auto industry will be significant, and the difficulties will be especially severe for not only the car manufacturers but also the parts suppliers, according to South Korea's Minister of Trade, Industry and Energy Ahn Duk-geun.
"Hyundai and Kia can offset the tariff impact by exporting to other markets, but for companies like GM Korea, which solely export to the U.S, the damage will be much greater," said Kwon Yong-joo, a professor in the automotive and transportation design department at Kookmin University.
Industry experts, meanwhile, believe the impact of U.S. tariffs could reach far beyond the big automakers. "The tariff increase is a major issue that could potentially lead to the partial collapse of South Korea's auto industry. While primary, secondary, and tertiary suppliers may manage to cope, those beyond that level lack the financial means to directly supply the U.S.," said Kwon.
South Korean experts warn of damage for auto makers over US tariffs
A Chinese community in Madrid has become a witness to the growing ties between China and Spain.
Spanish Prime Minister Pedro Sanchez is on a five-day official visit to China from Saturday to Wednesday. This visit marks Sanchez's fourth visit to China in a four-year period, and it represents another significant high-level exchange between China and Spain in a short period, following the visits by Spanish King Felipe VI and Sanchez last year.
The Usera neighborhood in southern Madrid is the heart of the Chinese community - a living example of peaceful and prosperous coexistence and cooperation, which also proves the relations between the two nations continue to develop in a deeper level.
"More than 40,000 Chinese people live in this neighborhood that has a unique and different identity where two cultures coexist peacefully and that represents what Madrid is all about - an open and welcoming city," said Almudena Maillo, Councilor for Tourism of Madrid Town Hall.
A giant 15-by-20-meter dragon is part of a new 12-million-U.S. dollar investment into the neighborhood, a spectacular stop on a 1,700-meter pedestrian route that features Chinese characters and Confucian phrases on the street, with 290 new trees and 11,000 plants, a brand new 500kg marble panda, and an iconic paifang, or gateway, reminiscent of the ones at the London and New York Chinatowns.
The project received EU funding and won an award for its urban transformation from Catedra China in February, a Spanish organization set up to bolster Spain-China ties.
"It's beautiful, really original. It just looks great, brightens up the place," said a local resident.
China's ambassador to Spain sees China-Spain relations at an all-time high.
"This is the best time as far as the relations between China and Spain are concerned. So I think that we are lucky to have a partner like Spain in Europe. We hope that the partners like Spain in Europe could be also increasing in the future time," said Yao Jing, Chinese Ambassador to Spain.
Chinese community in Madrid witnesses closer China-Spain ties
