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Exporters, utilities and miners to benefit with yuan likely to weaken beyond seven to US dollar for first time in decade

The yuan is widely expected to test the psychologically important rate of seven to a US dollar for the third time in three years, amid an escalating trade war between China and the United States, the world’s two biggest economies.But unlike 2016 and 2018, when Beijing intervened to support the Chinese currency, its central bank governor, Yi Gang, has indicated there are no “redlines” for the exchange rate this time.“Chinese growth is likely to be further derailed by the ongoing trade war … [it]… Source link

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China 

China’s exporters of Donald Trump wigs and American flags ‘had no idea’ they face higher trade war tariffs

On Tuesday, US President Donald Trump was greeted by the Louisiana Lieutenant Governor Billy Nungesser, who proudly brandished socks featuring the president’s face and distinctive hair.The socks were manufactured by Gumball Poodle, a California-based company, whose website proudly states: “All our socks are proudly made in the USA.”However, users of the Chinese e-commerce portal Alibaba can buy almost identical socks in bulk from Yiwu Hodeang E-Commerce, a Chinese manufacturer who said he ships… Source link

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Global 

China exporters react to Donald Trump’s new trade war tariff plan: ‘This will kill my US market’

Exporters from China woke up on Tuesday to the news that US President Donald Trump has pressed forward with what was previously considered the “nuclear option” in the long-running trade war.By publishing a plan to roll out tariffs of up to 25 per cent on almost all of the remaining goods China sells to the United States, Trump has gone further than many thought possible when the trade war’s first skirmishes took place almost one year ago.Overnight, the Office of the United States Trade… Source link

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Vietnam 

Eastern Europe could be a lucrative market for Vietnamese exporters: forum – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

A panel discussion at the Việt Nam-Eastern European Trade Forum being held in HCM City on May 8 by the Ministry of Industry and Trade. — VNS Photo  HCM CITY — Eastern European markets offer great potential to exporters given their relatively high GDP growth and less stringent quality requirements compared to Western European countries. But to succeed in exporting to these countries, Vietnamese firms must have long-term strategies, improve product quality and study the market carefully to make suitable products, the Việt Nam-Eastern Europe Trade Forum heard in HCM…

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Global 

Donald Trump is a business ‘killer’ who ‘never plays by the rules’, say Chinese exporters after tariff threat

US President Donald Trump is a business “killer” who “never plays by the rules”, according to China’s manufacturers who have been left reeling by the news that tariffs will be increased from 10 per cent to 25 per cent on US$200 billion of Chinese imports into the United States.Trump issued the threat to increase the tariffs in a tweet on Sunday, changes which were confirmed US trade representative Robert Lighthizer some 24 hours later, with the new rates set to become effective at 12.01am on… Source link

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Global 

China’s belt and road plan helping foreign firms and hurting mainland exporters, say Canton Fair exhibitors

China’s “Belt and Road Initiative” has created unexpected, and often unwanted, challenges for China’s small and medium-sized exporters, according to veteran Chinese traders attending the Canton Fair.While traders pay lip service to the government plan to recreate the Silk Road trading routes to Europe, Africa and the Middle East, some also worry that the initiative is generating new competition for the already embattled export sector.“China’s top leaders went to belt and road countries and… Source link

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China’s exporters fear heyday is over amid sour mood at Canton Fair as US-China trade war lingers

The optimism expressed by officials from China and the United States suggesting the trade war is almost over has not trickled down to small exporters exhibiting their products at China’s largest export fair, who fear that, with or without a deal, the heyday for Chinese exports is over.Exporters at the Canton Fair in Guangzhou, the country’s biggest export exhibition held in every spring and autumn, remain cautious over the outlook for US-China trade relations and the prospects for selling… Source link

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Vietnam 

Vietnamese shrimp exporters to US to enjoy zero tariffs – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

HÀ NỘI – The US has exempted anti-dumping tariffs for 31 shrimp exporters of Việt Nam in the 13th period of review (POR 13), according to the Việt Nam Association of Seafood Exporters and Producers (VASEP).  The US Department of Commerce (DoC) has recently announced the preliminary results of the POR 13 reviewing the anti-dumping tariff on Vietnamese warm-water shrimp exported to the US in the period from February 1, 2017 to January 31, 2018. The DoC concluded that frozen shrimp products of two mandatory respondents in the review, Sao Ta…

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China 

China businesses offer mixed reaction to VAT cut as exporters still call for more help amid slowdown

China’s cut in the value-added tax rate provided an immediate boost to corporate confidence amid the slowing economy, but exporters said that they still need more help from the government to offset their lack of access to credit and the effects of the continuing US-China trade war.The government is redoubling its efforts to this year to stabilise the economy, but is relying on fiscal policy, rather than monetary stimulus, to boost growth.Tax cuts are one of the most powerful weapons Beijing can… Source link

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Vietnam 

Banks promise loans to struggling rice exporters – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — The State Bank of Việt Nam (SBV) has urged credit institutions to ensure adequate funds to meet the capital demands of rice exporters for the winter-spring crop this year. Since the Lunar New Year (Tết) holiday, the rice export market has seen prices dropping due to oversupply. The SBV directed commercial banks to focus on timely lending to enterprises so they can buy rice from farmers.  At a meeting held late last week in Đồng Tháp Province, commercial banks, including…

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