Ford slapped with $23.6 million fine in China
Chinese regulators have slapped Ford's joint business venture in China with a $23.6 million fine over antitrust law violation.
CHONGQING, CHINA — Ford's joint business venture in China is being fined millions of dollars for violating antitrust laws, amid escalating tensions between the U.S. and China.
CNN reports that China's State Administration for Market Regulation served Changan Ford with a fine of 162.8 million yuan for setting minimum resale prices on its cars in Chongqing.
That's about $23.6 million, and equivalent to four percent of Ford's sales in Chongqing in 2018.
Chinese regulators claim the company's actions took away dealers' pricing autonomy, restricted competition, and damaged consumer interests.
Ford responded by saying it respects the regulators' decision, and is taking corrective action.
China's move on the American automaker is just the latest punitive action in the trade war between Washington and Beijing.
The U.S. had put Chinese tech giant Huawei on a list of companies deemed to be undermining American interests, and U.S. firms were barred from using the tech giant's telecom gear.
China later announced it was coming up with its own foreign company blacklist, and has already zeroed in on FedEx after Huawei claimed it diverted two packages intended for the China office to the U.S.
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