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Four executives from Mitsubishi Electric Corp <6503.T> have been charged with conspiring to fix costs of auto components including starter motors, alternators and ignition coils that had been sold to six auto manufacturers within the United States and elsewhere.
The auto parts grievance says that forbidden export subsidies, together with money grants, preferential tax treatment and other perks valued at $1 billion over the previous three years enabled China to jump from 16th largest producer of auto components in 2002, when it exported $7 billion in components, to fifth largest final year when it exported $70 billion.
The auto sector is on the heart of a Mexican industrial boom because the 1994 North American Free Commerce Settlement (NAFTA) between it, the United States and Canada, a deal Trump has threatened to renegotiate in favour of the United States or scrap entirely.