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The United States imposes tariffs, what is the future of Chinese textile enterprises?

by:GESTER Instruments     2021-04-06
On August 1, U.S. Trade Representative Lighthizer announced that U.S. President Trump has instructed him to take action to increase the tax rate on Chinese goods worth 200 billion U.S. dollars from the originally declared 10% to 25%. To this end, the United States postponed the deadline for submission of public written comments from August 30 to September 5; and extended the time to apply for the hearing to August 13. According to the preliminary list of tariffs announced by the Trump administration on July 10 by the International Trade Office of the China Textile Federation, textile products have more than 900 tariff lines calculated according to U.S. standards, covering a very wide range, including various raw materials (cotton, cotton, All yarns, fabrics/fabrics of wool, silk, hemp and chemical fibers, as well as technical textiles and some textile machinery products, involve an annual export value of about 4 billion US dollars to the United States. For textile products of US$4 billion, an additional tax rate of 10% is an additional US$400 million in tariffs; and a tax rate of 25% is an additional US$1 billion in tariffs. Textile companies feel that since the beginning of the Sino-US trade war, news from Trump and the US government has changed day by day. Textile people feel that there is too much uncertainty to keep up with the pace of change. The relevant person in charge of Shanghai Huashen Import and Export Co., Ltd. said that there are too many uncertain factors, which lead to too subjective judgment when receiving orders. It is hoped that the government will give the textile and apparel industry a clear direction to avoid the harm caused by trade frictions as much as possible. At the same time, it will improve the domestic investment environment, encourage the textile and apparel industry to carry out technological upgrading, and strengthen the cooperation with ASEAN, the European Union, the countries along the Belt and Road, and Central and South America. The country’s free trade agreement was signed so that China’s textile and clothing products have more sales targets. Zhang Tong, general manager of Beijing Fangda Technology Company, told the reporter of 'China Textile News': 'The increase in tariffs from 10% to 25% offset the recent export benefits brought by the devaluation of the renminbi. Although the list item does not involve ready-made garments. Products, but the overall trade situation is tense. A small part of our company’s home textile products are included in the list, but this product is not highly substitutable in other developing countries. Therefore, the final customer’s purchase price will be affected and the purchase volume will be reduced. The latter policy of Lampe may involve more clothing products, and it is hoped that the government will introduce relevant policies to maintain the competitiveness of our country’s products. In the long run, companies still have to improve their competitiveness, try to provide low-substitutable mid-to-high-end products, and expand exports at the same time Regions, guarantee trade balance.” Some home textile fabric art companies said that in the past, they had been preparing new products and proofing for autumn and winter during this period, but they were afraid to take orders this year. 'Because the future trade situation is unclear, it is possible to do more and pay more.' A related person in charge of a large export company in Jiangsu said, 'Textile products are not sophisticated and highly substitutable, coupled with low profit margins in the industry. The ability to withstand pressure has been tested.' The relevant person in charge of Ningbo Gaodian Import and Export Co., Ltd. believes that the uncertainty of Sino-US trade is increasing sharply and there are many variables, and enterprises can only act cautiously. 'The devaluation of the renminbi has some benefits for the export of Chinese textile and garment enterprises. In addition, enterprises are constantly improving their independent research and development capabilities, and new functional fabrics are highly recognized by European and American customers. Work hard on innovation and spend energy on intellectual manufacturing. Responding to the complex trading environment.” The Chamber of Commerce for Import and Export of Textiles gives suggestions for response. To this end, the China Chamber of Commerce for Import and Export of Textiles stated that the public review process can have a very positive effect. The US issued 50 billion in April covering 1333 eight-digit tariff numbers. The U.S. dollar tax list excluded 515 tax numbers after the public review process. Therefore, the Chamber of Commerce recommends that affected Chinese companies act immediately, unite with U.S. importers and downstream users, and actively use the public review process on the US$200 billion list conducted between July and September to try to remove the products involved in the company from the final product. Excluded from the taxation list. The specific suggestions are as follows: First, the enterprise accurately judges whether the product is in the new list of proposed tariffs. Since the list published by the United States uses the US tariff code, which is not consistent with the Chinese tariff code, companies should conduct a preliminary screening based on the first six U.S. tax code numbers and then carefully check the product descriptions under the six-digit tax code to confirm whether the product is not included. Into the list. (Enterprises who have questions about product tax-related issues can contact the China Chamber of Commerce for Import and Export of Textiles.) Second, immediately contact the U.S. importer and ask the U.S. importer to submit comments against taxation, and submit it before August 13 Comment on the application for the hearing. Before August 17, submit written comments. On September 5, the deadline for submission of all written comments. In addition, when companies apply for product exclusions or submit comments, it is recommended that they negotiate with buyers as soon as possible about future tariff cost sharing, and include relevant clauses in the contract or clarify the responsibilities of both parties in writing through supplementary agreements to avoid risks. In response to the US plan to increase the tax rate on China’s US$200 billion exports to the US, a spokesperson for the Ministry of Commerce issued a statement on the 2nd. The spokesman said that China is fully prepared for the threat of an escalation of the trade war by the United States and will have to countermeasures to safeguard national dignity and people's interests, safeguard free trade and the multilateral system, and safeguard the common interests of all countries in the world.
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