American firm dodges China's tariff hikes, selling off millions in inventory
That day, Bowman's company, Cocona, decided to sell off its entire China reserve of its core product – a sweat-drying additive that treats the yarn used in fabrics for some of the world's top clothing brands.
Massive sacks of bead-like pellets – comprising a 'masterbatch' of additives – had been sitting in a Shanghai free-trade zone, untouched until then by Chinese customs, for eventual sale in China.
For Bowman, it made more sense to sell it all at once - giving buyers a supply that will last nine to 12 months - before tariffs skyrocketed.
'We just emptied out the warehouse,' said Bowman, 72, a veteran of the US clothing materials industry who has been with Corona for 13 years. 'We could have sold three times that, because Chinese customers have no better idea than we do about what's going to happen.
'I don't have any confidence in the competence of the [US] administration,' he said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
21 hours ago
- South China Morning Post
As Trump builds tariff walls, China and Asean are building bridges
Amid escalating tensions between the United States and China and lingering trade tensions , China and Asean have gone full steam ahead on upgrading their landmark free trade pact Advertisement China and the Association of Southeast Asian Nations – two key players in the Global South – account for a quarter of the world's population and a fifth of global gross domestic product, contributing to over 30 per cent of global economic growth. In July, Chinese Foreign Minister Wang Yi announced that both sides would submit the '3.0 version' of the China-Asean Free Trade Agreement for approval in October. This signals a push to future-proof Asia's trade flows amid renewed US protectionism and intensifying global competition. With negotiations over, the pact is expected to be signed by the end of 2025. The initial version of the free trade pact was Asean's first with an external partner. The latest upgrade is set to expand cooperation across nine areas, such as digital and green economies. Since the agreement's inception in 2010, Asean's trade with China has almost tripled – from US$235.5 billion in 2010 to US$696.7 billion in 2023. China has been the bloc's largest trading partner for 16 consecutive years. Asean has also become China's top trading partner for the past five years. Last year, bilateral trade almost reached US$1 trillion. In the first four months of 2025, trade reached US$330.86 billion, a 9.2 per cent year-on-year jump. Advertisement Upgrading the pact benefits both sides. It gives Asean countries a chance to deepen regional integration and reinforce supply chains amid rising geopolitical uncertainty. A 2023 HSBC survey found that 92 per cent of Indonesian, 87 per cent of Filipino and 89 per cent of Vietnamese companies expect supply chain growth with China through 2026.
RTHK
a day ago
- RTHK
China tourism sees upgrade in hospitality sector
China tourism sees upgrade in hospitality sector Domestic tourism is on the rise with the hospitality sector having to adapt to changes in tourist experiences. File photo: Xinhua China's tourism boom is pushing upgrades in its hospitality sector, with shifting travel preferences and growing popularity of digital technologies spurring hotels to embrace cultural integration, artificial intelligence (AI) and international management. In the first half of 2025, domestic tourist trips hit 3.285 billion, up 20.6 percent from a year earlier, according to the Ministry of Culture and Tourism. Summer travel is set to accelerate, with an estimated over 2.5 billion trips, according to data from the China Tourism Academy. Hotel giants are feeling the heat. Jin Jiang Hotels, one of China's largest hotel groups, reported receiving more than 40.7 million guests in its Chinese hotels in July. In addition to the robust data, customers' hospitality demands are also changing. "Chinese travellers are no longer satisfied with just a bed for the night. They seek immersive, multifaceted experiences that turn hotels into hubs of exploration and engagement," said Qian Kang, vice president of Jin Jiang Hotels. Integrating hospitality services with culture, commerce, tourism, and sports has been identified as a major strategic opportunity for the hotel market in 2025, according to an industrial survey released earlier this year by hotel market observer HUAMEI Consulting Group. In Shanghai, Jin Jiang Radisson Hotels launched a culinary initiative, offering exclusive dining deals and immersive food tours. Jin Jiang Hotels China Region's AI voice system handles 70 percent of guest calls, resolving 86 percent of requests within 15 minutes, often coordinating with in-house robots for tasks like deliveries, according to Qian. (Xinhua)
South China Morning Post
a day ago
- South China Morning Post
How Chinese investors quietly transformed Athens – one visa at a time
China has changed the Greek capital in both visible and less obvious ways. On the one hand, authentic Chinese restaurants – from spicy hotpot to Cantonese cha chaan teng – have sprung up in central Athens, where many patrons speak the northeastern Chinese dialect and work for China Ocean Shipping Company , an industry giant managing Europe's fifth-largest port. On the more discreet side, Chinese buyers have snapped up thousands of flats in a rush to apply for the Greek investor residency scheme, commonly known as the 'golden visa'. In June 2025, nearly 8,000 Chinese citizens – 7,795 to be precise – were first-time members of the scheme, meaning they had not yet reached the five-year mark to renew their permits. That represents 47.8 per cent of all first-time permit holders, making them by far the largest group, according to data from the Greek Ministry of Migration and Asylum. Among the 5,679 people who had renewed their golden visa, 61 per cent were also Chinese citizens, the ministry reported.
