Tesla is increasing the prices of its Model S and Model X cars in China by more than $20,000, reports Electrek. The step-up comes as tariffs rise and the trade war escalates. The original 25% tariff increased to 40% in retaliation for the U.S.’s latest list of targeted Chinese products.
Credit Suisse is the latest Wall Street bank in trouble with U.S. authorities over Chinese hiring, reports The New York Times. The firm has been fined $77 million by the Justice Department and the SEC in a settlement over claims it hired the relatives of influential Chinese officials in order to curry favor and win business in the region. In 2016, authorities fined JPMorgan Chase $264 million over its hiring practices in China.