Kaabi meets with senior executives of Chinese energy firms
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Qatar Tribune
a day ago
- Qatar Tribune
Trump's tariffs push US companies to the brink
Agencies When U.S. President Donald Trump announced tariffs on almost all trading partners in April, Ben Knepler contacted the factory in Cambodia producing his company's outdoor furniture. 'Stop production,' he ordered. The announcement involved a 10-percent levy on imports from most partners, set to rise further for many of them. For Cambodia, the planned duty was a staggering 49 percent. 'That night, we spoke to our factory,' Knepler told AFP. 'We literally cannot afford to bring our own product into the U.S. with that kind of tariff.' The decision was even more painful for Knepler and his Pennsylvania-based company, True Places, given that he had previously shifted production of his outdoor chairs to Cambodia from China, following tariffs on Chinese imports imposed by Trump during his first presidency. 'We were facing 25-percent tariffs in China, and there were zero-percent tariffs in Cambodia,' Knepler recalled. It took him a year to move the massive equipment and molds to Cambodia only to see another steep levy. With Trump's 'reciprocal' tariff hikes taking effect last Thursday, these Cambodia-made chairs face a lower -- though still significant -- 19 percent duty. Knepler's experience echoes that of many U.S. companies producing everything from yo-yos to clothing abroad, after years of offshoring American manufacturing. To cope, businesses use various strategies. Some pass on the new costs as a surcharge to customers. Others halted imports when duties reached prohibitive levels, hoping Trump would strike bilateral trade deals that would make their businesses viable again. Trump frames his tariffs as paid for by other countries, touting tens of billions in revenue this year -- but firms contest this description. 'We make the tariff payments when the product comes into the U.S.,' Knepler stressed. 'Before we sell it, we're the ones who pay that tariff.' Now saddled with hundreds of thousands of dollars in debt he took on to relocate the company's production to Cambodia, Knepler worries if his business will survive. He likens the rapid policy changes to spinning a 'wheel of misfortune,' resulting in a new tariff each time. Over four months this year, the planned tariff rate on Cambodian exports has gone from 0 to 49 percent, to 10 percent, to 36 percent, to 19 percent, he said. 'No one knows what it's going to be tomorrow,' he added. 'It's impossible to have any kind of confidence in what the rate will be in three- or four-months' time.' Economists warn that tariffs could fuel inflation and drag on growth. EY chief economist Gregory Daco noted that the duties effective Thursday raise the average tariff rate to 17.6 percent from 2.8 percent at the start of the year -— the highest level since the early 1930s. While Trump lauds the limited effects his duties have had on U.S. prices so far, experts say tariffs take time to filter through to consumers. Many of Trump's sweeping levies also face legal challenges over his use of emergency economic powers. The global tariffs are especially hard to avoid. Barton O'Brien said he accelerated production and borrowed money to bring in as much inventory as possible before Trump took office. On the election campaign trail, the Republican leader had floated a 60-percent tariff on imports from China, where O'Brien makes most of his products. The Maryland-based veteran selling dog harnesses and other accessories rented a container to ship as many products as he could before Trump's new tariffs would take effect. 'I had dog life jackets in the bathroom,' he told AFP. There is 'no way' to produce domestically, he said, adding that comparable American-made products sell for nearly six times his retail prices. He makes some items too in India and Vietnam. But Chinese products face an additional 30-percent duty this year, even under an extended truce now expiring in November. The rates for India and Vietnam are 25 percent and 20 percent respectively. 'If you look at the brands I compete with, we're all made in the same countries. We're all going to have to raise prices together,' said O'Brien.
Qatar Tribune
2 days ago
- Qatar Tribune
China targets 2 EU banks in response to new sanctions
Agencies China announced countermeasures on Wednesday and imposed sanctions on two banks in the European Union, in retaliation for the bloc including two Chinese financial institutions in its latest round of sanctions against Russia. Effective immediately, Lithuanian banks UAB Urbo Bankas and AB Mano Bankas are banned from carrying out transactions and cooperation with organizations and individuals within China, according to a statement from the Ministry of Commerce. 'We hope that the EU will cherish the long-term good cooperative relations formed between China and the EU and its member states in the fields of economy, trade and finance,' the ministry said in a separate statement. It also called on the EU to 'correct wrongdoings' and stop harming China's interests and undermining China-EU cooperation. The EU's sanctions against Heihe Rural Commercial Bank and Heilongjiang Suifenhe Rural Commercial Bank were implemented from Aug. 9, its document showed. China has previously said the EU's accusations against the two banks were 'groundless.' The EU's move to add Chinese firms to its Russia sanctions package in July has become a point of contention as ties between the bloc and the world's second-largest economy remain rocky. European Commission President Ursula von der Leyen said trade ties have hit a 'clear inflection point' after a summit with top Chinese leaders in Beijing last month. Discussions highlighted concerns on commerce, but the EU had also pressed China to discourage Russia in its war against Ukraine during the meeting.
Qatar Tribune
2 days ago
- Qatar Tribune
‘Stop production': Small firms battered by shifting US tariffs
Agencies When US President Donald Trump announced tariffs on almost all trading partners in April, Ben Knepler contacted the factory in Cambodia producing his company's outdoor furniture. 'Stop production,' he ordered. The announcement involved a 10-percent levy on imports from most partners, set to rise further for many of them. For Cambodia, the planned duty was a staggering 49 percent. 'That night, we spoke to our factory,' Knepler told AFP. 'We literally cannot afford to bring our own product into the US with that kind of tariff.' The decision was even more painful for Knepler and his Pennsylvania-based company, True Places, given that he had previously shifted production of his outdoor chairs to Cambodia from China, following tariffs on Chinese imports imposed by Trump during his first presidency. 'We were facing 25-percent tariffs in China, and there were zero-percent tariffs in Cambodia,' Knepler recalled. It took him a year to move the massive equipment and molds to Cambodia only to see another steep levy. With Trump's 'reciprocal' tariff hikes taking effect last Thursday, these Cambodia-made chairs face a lower—though still significant - 19 percent duty. Knepler's experience echoes that of many US companies producing everything from yo-yos to clothing abroad, after years of offshoring American manufacturing. To cope, businesses use various strategies. Some pass on the new costs as a surcharge to customers. Others halted imports when duties reached prohibitive levels, hoping Trump would strike bilateral trade deals that would make their businesses viable again. Trump frames his tariffs as paid for by other countries, touting tens of billions in revenue this year—but firms contest this description. 'We make the tariff payments when the product comes into the US,' Knepler stressed. 'Before we sell it, we're the ones who pay that tariff.' Now saddled with hundreds of thousands of dollars in debt he took on to relocate the company's production to Cambodia, Knepler worries if his business will survive. He likens the rapid policy changes to spinning a 'wheel of misfortune,' resulting in a new tariff each time. Over four months this year, the planned tariff rate on Cambodian exports has gone from 0 to 49 percent, to 10 percent, to 36 percent, to 19 percent, he said. 'No one knows what it's going to be tomorrow,' he added. 'It's impossible to have any kind of confidence in what the rate will be in three- or four-months' time.' Economists warn that tariffs could fuel inflation and drag on growth. EY chief economist Gregory Daco noted that the duties effective Thursday raise the average tariff rate to 17.6 percent from 2.8 percent at the start of the year—the highest level since the early 1930s. While Trump lauds the limited effects his duties have had on US prices so far, experts say tariffs take time to filter through to consumers. Many of Trump's sweeping levies also face legal challenges over his use of emergency economic powers. The global tariffs are especially hard to avoid. Barton O'Brien said he accelerated production and borrowed money to bring in as much inventory as possible before Trump took office. On the election campaign trail, the Republican leader had floated a 60-percent tariff on imports from China, where O'Brien makes most of his products. The Maryland-based veteran selling dog harnesses and other accessories rented a container to ship as many products as he could before Trump's new tariffs would take effect. 'I had dog life jackets in the bathroom,' he told AFP. There is 'no way' to produce domestically, he said, adding that comparable American-made products sell for nearly six times his retail prices. He makes some items too in India and Vietnam. But Chinese products face an additional 30-percent duty this year, even under an extended truce now expiring in November. The rates for India and Vietnam are 25 percent and 20 percent respectively. 'If you look at the brands I compete with, we're all made in the same countries. We're all going to have to raise prices together,' said O'Brien.
