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China Announces Measures Against Google, U.S. Firms Amid Escalating Trade Tensions

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China announced a series of new measures on Tuesday targeting U.S. businesses, including tech giant Google, farm equipment manufacturers, and the owner of Calvin Klein, as trade tensions between the U.S. and China escalate. These actions followed the implementation of new U.S. tariffs on Chinese goods, with Beijing responding by imposing its own tariffs on U.S. products, such as coal, oil, and certain autos.

China’s State Administration for Market Regulation launched an investigation into Google, suspecting the company of violating the country’s anti-monopoly laws. While the details of the investigation remain unclear, it marks the latest development in the strained relationship between China and the U.S. Google, whose search engine and other services are blocked in China, derives only about 1% of its global revenue from the country. Despite this, it continues to collaborate with Chinese partners, particularly in advertising.

Alongside the Google probe, China’s Commerce Ministry added two U.S. companies to its “unreliable entity” list: PVH Corp, which owns brands like Calvin Klein and Tommy Hilfiger, and biotech firm Illumina. China accused both companies of taking actions that harmed Chinese enterprises and violated their rights. Being placed on this blacklist subjects companies to fines, trade restrictions, and other sanctions, such as the revocation of work permits for foreign employees. PVH expressed surprise at the decision, emphasizing its compliance with Chinese laws, while Illumina did not respond to media inquiries.

In addition to these measures, China also introduced 10% tariffs on U.S. farm equipment imports, potentially impacting firms such as Caterpillar, Deere & Co, and AGCO. The tariffs could also affect Tesla’s Cybertruck, as China may apply tariffs to this electric truck, pending regulatory approval. Tesla did not immediately comment on the development.

These actions intensify the ongoing trade conflict between the U.S. and China, particularly in sectors like technology and agriculture. Experts suggest that these measures are intended to signal China’s willingness to retaliate against U.S. interests while leaving room for de-escalation. The new tariffs will take effect on February 10, 2025.

 

Panasonic Boosts Battery Unit Outlook, Unveils Profitability Reform Plan

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Panasonic Holdings has raised its full-year earnings forecast for its energy division, which supplies batteries to Tesla, citing strong sales of energy storage systems and improved profitability at its U.S. battery plant. The revised outlook increases the segment’s expected earnings by 14% to 124 billion yen ($798.35 million), following a 39% rise in operating profit during the third quarter.

The company also announced a new management reform plan, aiming to boost group profitability by over 300 billion yen ($1.93 billion) and achieve a return on equity above 10% by the fiscal year ending March 2029. It plans to improve profitability by 150 billion yen by fiscal 2026 and another 150 billion yen by fiscal 2028.

Panasonic’s energy unit benefited from higher sales of energy storage systems and lower material costs, offsetting an overall decline in automotive battery sales. Reduced production in Japan and increased costs related to a new U.S. battery plant and a renovated facility in Japan’s Wakayama prefecture impacted operations.

Expanding its North American footprint, Panasonic Energy currently operates a battery plant in Nevada supplying Tesla and is set to open a second U.S. facility in Kansas this year. The segment reported third-quarter operating income of 42 billion yen ($270.46 million).

Despite industry-wide concerns over slowing EV demand, Panasonic has retained its full-year profit forecast of 380 billion yen for the entire group. It continues to compete with major Asian battery makers, including China’s CATL and South Korea’s LG Energy Solution, the latter of which recently announced plans to cut capital expenditure by up to 30% due to weakening EV demand.

 

Meta in Talks to Reincorporate in Texas or Another State, Exit Delaware

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Meta Platforms is reportedly in discussions to move its incorporation from Delaware to Texas or potentially other states, according to a Wall Street Journal report. The company has been in talks with Texas officials about the shift, although the change would not impact Meta’s corporate headquarters, which will remain in Menlo Park, California.

While the discussions began before President Donald Trump’s administration, the potential reincorporation mirrors the decision made by Elon Musk, who moved Tesla and SpaceX’s incorporations to Texas. Texas is often seen as offering a more favorable legal and regulatory environment, particularly in areas like taxation and corporate governance. These benefits could appeal to businesses looking to reduce costs and streamline their operations.

A Meta spokesperson confirmed that the company does not plan to shift its headquarters but declined to comment further on the reincorporation process.