After 200 Billion, How Did The United States Increase Its Tariffs By 300 Billion Dollars?
In May 9, 2019, the US government announced that it had imported from China since May 10, 2019. $200 billion list The tariff rate on goods increased from 10% to 25% 。
As a counterattack, in May 13th, the Customs Tariff Commission of the State Council of China decided that since June 1, 2019 0, tariffs have been imposed. US $60 billion list of US goods Part of the tax rate increases, respectively, to implement Customs duties of 25%, 20% or 10%.
In accordance with the laws and regulations of the People's Republic of China foreign trade law and the People's Republic of China import and export tariff Ordinance and the basic principles of international law, the Customs Tariff Commission of the State Council has decided to increase the tariff rate on some imported commodities originating in the United States since 0 June 1, 2019. The relevant matters are hereby announced as follows:
(1) to raise the duty rate for some commodities in the State Council Customs Tariff Commission on the announcement of a tariff increase of about $60 billion imported from the United States (8 of the Tax Commission announcement [2018] 8), in accordance with the tax rate announcement issued by the Customs Tariff Commission of the state Council on the import of goods originating in the United States (second batches). That is: 25% tariff is imposed on 2493 taxable commodities listed in Annex 1; 20% duty is added to 1078 items of commodities listed in Annex 2; 10% duty is added to 974 items of tax goods listed in Annex 3. A tariff of 5% is added to the 595 items of commodities listed in Annex 4.
Two, other matters shall be implemented according to the Announcement No. 6 [2018] of the Tax Commission.
New US $300 billion tariff list
After the tariff increase of 200 billion US dollars, the US side will add another 300 billion list. The list has been officially released.
On May 13th, the US Trade Representative Office (USTR) issued a notice. Let's make the appointment. 300 billion U.S. dollars, Chinese products levy 25% tariffs To solicit opinions and hold public hearings. USTR also published a tax list covering 3805 products in the annex.
USTR will hold a public hearing on this list in June 17th, and cease to submit written comments. USTR requires the evidence and materials to be submitted to public hearings before June 10th, and the comments will be collected in June 24th. It is worth noting that the deadline for soliciting comments is significantly shorter than the deadline for soliciting tariffs on Chinese goods. It is expected that the customs duties will be imposed after the hearing is concluded.
(USTR) official notification document
US tariff increases have limited impact on China's textile industry.
In May 10th, the United States raised a list of tax increases of 25% dollars on Chinese products valued at US $200 billion, including textiles, yarns, fabrics, manufactured goods and some household textiles, which relate to the annual export volume of products. 4 billion dollars.
For the Chinese textile industry with an annual export of about 270000000000 US dollars, the proportion of US $4 billion is less than 2%, which, on the whole, has no great impact on the export of China's textile industry.
On the contrary, China's exports of textiles and clothing account for about 37% of US imports. Such a high market dependence makes it difficult for the United States to find an alternative source of equal volume. Eventually, it will be paid by American consumers.
Haitong Securities analyst Liang Xi believes that the list of $200 billion has limited impact on the spinning and weaving board. In the 200 billion US dollar list of China's products, the textile and garment sectors are included in the products including silk, animal hair yarn and its fabrics, cotton, knitted hooks, hats, ornaments and leather products. China's exports to the United States, such as woven garments, knitted garments and household textile products, are not included in the list. 。
From the industry level, The total value of the main products exported to the United States in 2018 amounted to 9 billion US dollars, accounting for 8.3% of the total export volume of China, accounting for 3.3% of the total export volume of China's textile and clothing. , It is judged that the ratio is small, and some exports can be pferred.
Vietnam will form an alternative to China's textile exports.
Liang Xi analysis shows that Vietnam has a certain substitution effect as a low cost representative of Southeast Asian countries. The United States increased the tax rate, or accelerated the pfer of some orders to the low cost Southeast Asian countries represented by Vietnam. Therefore, it analyzes the correlation between the export of goods from Vietnam, Bangladesh and Kampuchea to the United States, and the monthly growth rate of China's goods exports to the United States. Data show that from June 2018 to February 2019, the correlation coefficients between the three and the monthly growth rate of China's goods exports to the United States were -0.76, -0.24 and 0.38 respectively, and the negative correlation between Vietnam and China was obviously stronger than that of other countries. Liang Xi thought that Vietnam's domestic export orders had been replaced by some of the domestic manufacturing industry orders in recent years.
China's textile and garment exports can not be completely replaced in the short term
Up to now, China still has a significant industrial chain advantage. When the international trade environment is loose, it will still be the preferred destination for export destinations, and cannot be completely replaced in the short and medium term. The main reasons include:
First, 2012-2017 years, China has always been the world's largest export of textile and clothing. In 2017, it accounted for 35.3%, an increase of 1.7pct over the previous year, which was higher than second EU 27.9pct.
Two, Vietnam's textile raw materials rely heavily on imports. According to USDA data, 2011-2018 of Vietnam's cotton imports account for more than 80% of its total supply. Delivery of products or risks ;
Three, short term production is difficult to pfer quickly, and negotiations between enterprises and local governments and suppliers, as well as the agreement on delivery and product quality, will take time to stabilize.
Li Chao, a researcher at Huatai Securities, admitted that due to the difficulty of the pfer of industrial chain in the short term, export enterprises may choose to negotiate with the suppliers and American buyers on the micro level. The impact of US tariffs on China's exports and GDP is not immediately reflected in the short term, so it will be a Slow process 。
Talk about open doors; fight and follow them.
In the evening of May 13th, the news broadcast broadcast an international review. China is ready for a comprehensive response. Flood the screen!
Kang Hui, the anchor, read a "international sharp review" in a powerful and forceful way.
China has long demonstrated its attitude towards the trade war launched by the United States. Unwilling to fight, but not afraid to fight, if necessary, have to fight. 。 China has already given the answer to the US's hard and soft hands. Talk about open doors; fight and follow them. 。 After 5000 years of ups and downs of the Chinese nation, what kind of battle have not seen?! In the great process of realizing the national rejuvenation, it is inevitable that there will be difficulties, difficulties and even rough waves. The trade war launched by the United States on China is just a ridge in the course of China's development. It is no big deal. China will firmly strengthen its confidence and face difficulties.
How to deal with Sino US trade friction in textile industry
As a pioneer industry in China's economy, how does the textile industry cope with Sino US trade friction? The same is to do their own business. Sun Rui Zhe Pointed out that the new development of China's textile industry pformation and upgrading is manifested in Manufacturing intelligence, diversification of channels and responsibility Globalization Three major aspects. China's textile industry will continue to revolve around Technological innovation force Pay attention to basic research such as emerging fiber, high-end equipment and so on. cross-border cooperation The innovation will be pformed into other fields, such as medical and health, safety protection, ecological environment protection, traffic and environmental protection, space infrastructure construction and so on. At the same time, it will also play a leading role in fashion and culture. brand building Take responsibility as the guidance, green development, take into account people's responsibilities, environmental responsibilities and market responsibilities. Integrated resources To form an industrial synergy advantage and build a world-class advanced industrial cluster.
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