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Trade war

Tariff crossfire to spike factory costs, automaker Geely says

At Belt and Road Summit, Thai official sees Asian ties combating protectionism

Geely Chairman Li Shufu talks to the media before the closing session of the National People's Congress, which he attended as a delegate, at the Great Hall of the People in Beijing on March 20.
Geely Chairman Li Shufu talks to the media before the closing session of the National People's Congress, which he attended as a delegate, at the Great Hall of the People in Beijing on March 20.   © Reuters

HONG KONG -- Chinese automaker Geely warns of higher production costs across the industry if trade tensions escalate, as car companies revamp factories to produce multiple models in a country to avoid the growing tariffs.

And these expenses will raise the cost of cars for consumers, Li Shufu, chairman of Zhejiang Geely Holding Group, said here Thursday at the annual summit for China's Belt and Road Initiative.

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