“The story here is that tariffs are going to be used as part of the mainstream toolkit. The risk is that the list keeps on growing.”

 “Given Europe consumes 45% of China’s 'new three' exports — solar cells, EVs, and lithium-ion batteries — the prospect of EU tariffs is a bigger worry for Beijing... The US takes 0.2% of Chinese solar cell exports and 1% of EVs.”

 “A 25 percentage-point Chinese tariff hike would knock BMW and Mercedes earnings by 4% and 8%, respectively.”

 “Immaterial impact on China's top solar panel producers, given Chinese branded solar cells and modules for US shipment are mostly produced in Southeast Asia.”

 “Chinese battery materials exports to the US are very minimal, in the low single-digits of production.”