Beijing: China slapped a $29m fine on General Motors Co for antitrust violations, a sign of the growing tensions between the US and the Asian nation
The largest US auto-maker is accused of setting minimum prices on some models in its SAIC General Motors joint venture.
The Shanghai Municipal Development & Reform Commission, which imposed the 201m yuan fine, alleged in a statement that GM punished dealers who sold cars for less than the prices set by the Detroit-based automaker.
This is the first time China has fined GM. China-US relations have become strained after President-elect Donald Trump proposed tariffs on Chinese goods, questioned the One-China policy regarding Taiwan and accused the Asian nation of stealing an American naval drone in international waters in the South China Sea.
A Communist Party newspaper in November said that a “tit for tat” retaliation could follow proposals by Trump for tariffs on the world’s largest trading nation, which had $627bn in US trade in 2015.
