China 

US retail group says extra tariffs on Chinese goods will cost Americans US$18 billion a year

US trade group the National Retail Federation has called on Washington not to impose additional 25 per cent tariffs on US$300 billion of Chinese goods, saying they would cost American consumers US$18 billion a year.That’s according to the results of the federation’s study released on Friday, ahead of next week’s meeting between US President Donald Trump and his Chinese counterpart Xi Jinping at the Group of 20 summit in Japan.The study looked at key product categories for Chinese imports,… Source link

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Global 

Front-loading not an option for US firms looking to avoid Trump’s looming tariffs on Chinese imports

Towards the end of 2018, before an American tariff increase on US$200 billion of Chinese goods that was expected to take place on January 1, “floating finishing factories” started popping up off the US West Coast, on which Chinese workers would frantically assemble goods on container ships at sea to get them through customs in time to beat the increased tariffs.As it turned out, the tariff increase was postponed after a meeting between US President Donald Trump and his Chinese counterpart Xi… Source link

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Home 

US tariffs on China goods would have ‘striking’ affect on women, families, JC Penney says

The Trump administration’s proposed tariffs on thousands of Chinese-made products, including apparel, footwear and home goods, unfairly targets women, according to the US retailer JC Penney.The department store chain said that “though surely inadvertent, the disproportionate impact of the proposed List 4 tariffs on women is striking”.Of 19 China-sourced apparel items that are of particular concern to JC Penney, 13 are for women or girls, including pullovers, trousers and underwear, the retailer… Source link

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China 

Robert Lighthizer: ‘Absolutely’ OK to use tariffs to squeeze nations on non-trade issues

This story is published in a content partnership with POLITICO. It was originally reported by Megan Cassela on politico.com on June 18, 2019.US Trade Representative Robert Lighthizer said on Tuesday he sees no issue with President Donald Trump’s inclination to use tariffs to pressure countries to make policy changes in areas unrelated to trade, specifically when they present threats to national security.Lighthizer, in testifying before the Senate Finance Committee, was asked about Trump’s… Source link

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Home 

How Chinese machine parts manufacturer Impro Precision is mitigating trade war tariffs

Impro Precision, a major Chinese maker of parts used in cars, construction and aerospace equipment, said it is localising its factories to reduce exposure to tariffs as the trade war intensifies.The Hong Kong-based precision manufacturing company, which has factories in mainland China and Europe, is seeking to open a larger plant in Mexico to supply US customers, which generated 42 per cent of its HK$3.75 billion revenue last year.To raise funds to build the plant, it announced a global… Source link

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Global 

To fight Donald Trump’s China tariffs, hundreds of US companies descend on Washington

New Balance Athletics has long advocated for and benefited from tariffs, competing with Nike and other footwear companies while still making shoes in the US. Now, it is among the critics of US President Donald Trump’s duties testifying at a public hearing that started Monday.The Boston-based firm said while it supports Trump’s efforts to force China to address intellectual property theft in a trade deal, its US factories are supported by a global supply chain connected to China and built over… Source link

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Pain of tariffs and sanctions behind China and Russia’s push to dethrone the US dollar

Two weeks ago, Russia and China took a major step away from the use of the American dollar in agreeing to develop bilateral trade using the Russian rouble and the Chinese yuan.“Russia and China intend to develop the practice of settlements in national currencies,” said President Vladimir Putin after meeting President Xi Jinping in St Petersburg. He added that both countries had signed agreements to expand the use of their currencies in bilateral financial operations.This move is long awaited… Source link

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China 

Chinese state media warns retaliation against US tariffs could ‘become routine’

Chinese state media has warned the countermeasures Beijing is taking against Washington’s increased tariffs and technology containment strategy could “become routine”.In a commentary on Friday, Taoran Notes – a social media account affiliated with official newspaper Economic Daily – also sought to play down expectations that an anticipated meeting between the Chinese and US leaders later this month could get trade negotiations back on track.It listed areas where China could strike back against… Source link

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The Hong Kong maker of Transformers toys rushes to ship orders for the US holiday season to beat Trump’s tariffs

Hong Kong toymaker Jeffrey Lam Kin-fung is feeling the pressure from US President Donald Trump’s import tariffs, even though his products are not yet subject to any duties.His company, Forward Winsome Industries, a pioneer in the manufacture of rubber ducks, has been rushing to meet a spike in orders from American customers keen to stockpile products before they are hit by the next round of tariffs.On May 5, Trump said on Twitter that his administration would extend punitive 25 per cent duties… Source link

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Chinese manufacturers must bite the tariffs bullet or think of long-term options to survive, says Seattle glove maker in Shanghai

Chinese manufacturers who are subject to higher US import duties must either pass the added costs to their customers, or seek long-term solutions to work around the impact of the US-China trade war, said the founder of a Seattle glove maker who produces 10 per cent of his protective gear in China.The threat by Donald Trump’s administration to slap a 25 per cent import tariff on US$300 billion of Chinese products – including Ammex Corporation’s Shanghai-made disposable gloves – adds to duties on… Source link

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