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Business Recorder
24-04-2025
- Business
- Business Recorder
The Chinese fish town caught in the US tariff net
MAOMING: In Maoming, a southern Chinese city where a giant tilapia statue watches over traffic at an intersection, the fish isn't just a budget-friendly dinner, but a profession, income and way of life for thousands. Today, all of that is at risk from the trade war. An area roughly one and a half times the size of San Francisco is given over to tilapia farms in Maoming. Fish nurseries and feed lots in turn sustain the farms. Sixteen factories dot the city churning tilapia into fillets for export, much of it to supermarket freezers in the U.S. Several rounds of U.S. tariffs mean China's $425 million in tilapia exports to the United States are subject to duties of 170%, all but pricing them out of their largest export market. In late April, fish nurseries in Maoming visited by Reuters talked of not getting orders for new fry; feed makers said customers are cutting back. Processors are idle and many farmers say they are making losses at today's prices. Tongwei, one of China's biggest aquaculture businesses, said this month that one-in-10 tilapia farmers in the country could lose their jobs. 'These high tariffs have hit us brutally,' said Huang Songfei, a longtime buyer in Maoming. 'The whole chain is hurting. People are at risk of losing their jobs.' Tilapia may be a small segment of trade between the U.S. and China but the threat to livelihoods in Maoming is also being felt in both countries as the trade war throws up massive tariffs on imports. Or, as Huang, put it: 'We're stuck.' To breed or not to breed March to May is usually the peak stocking season for tilapia. Recently hatched fish are typically in high demand, swiftly sold and sent off to farmers. This spring, orders are scarce. 'This is the hardest year ever,' a worker said, asking not to be identified. 'Normally, we'd have sold a lot by now. But no one's buying. Farmers are scared.' Her boss said sales have fallen by more than half. 'Some aren't even exporting to the U.S., but they are panicking anyway,' he said, also requesting anonymity. 'It's a chain reaction.' Exposure to US tariffs through GVCs in Asia and the Pacific Tilapia prices crashed 17% in early April as Washington and Beijing traded tariff blows. Despite a modest recovery, prices are dangerously low and some farmers are struggling to make ends meet, Huang said. The city's 16 export processors are also struggling. They once exported about 100,000 tonnes of tilapia a year, mostly to the United States and Canada, according to the local government, enough to satisfy the average annual fish intake of 25 million Americans. 'If this keeps going, everyone will go bankrupt,' said Zhu Huazhi, a buyer for several processing plants. More than 60% of their tilapia once went to the U.S. Searching for a lifeline In nearby Hainan province, the U.S. accounts for half of its tilapia exports and the local aquatic products' association urged companies this month to find new markets at home and abroad. However, replacing American demand is difficult. While markets exist in the European Union, Africa and the Middle East - they can't quickly or completely replace U.S demand. Africa, for example, largely imports whole fish with minimal processing, according to a tilapia exporter. The domestic economy is no easy fix either. The local market is weak, consumers are cautious and spending is slow. In Maoming, people are pinning their hopes on a trade deal. 'We'll see who can survive this,' Zhu said. 'I believe in China's economy. If the tariffs are resolved, orders will come back.'
Yahoo
24-04-2025
- Business
- Yahoo
Caught in the tariff net: U.S. trade war threatens Chinese fish town
By Ella Cao, Xiaoyu Yin and Florence Lo MAOMING, China (Reuters) -In Maoming, a southern Chinese city where a giant tilapia statue watches over traffic at an intersection, the fish isn't just a budget-friendly dinner, but a profession, income and way of life for thousands. Today, all of that is at risk from the trade war. An area roughly one and a half times the size of San Francisco is given over to tilapia farms in Maoming. Fish nurseries and feed lots in turn sustain the farms. Sixteen factories dot the city churning tilapia into fillets for export, much of it to supermarket freezers in the U.S.. Several rounds of U.S. tariffs mean China's $425 million in tilapia exports to the United States are subject to duties of 170%, all but pricing them out of their largest export market. In late April, fish nurseries in Maoming visited by Reuters talked of not getting orders for new fry; feed makers said customers are cutting back. Processors are idle and many farmers say they are making losses at today's prices. Tongwei, one of China's biggest aquaculture businesses, said this month that one-in-10 tilapia farmers in the country could lose their jobs. "These high tariffs have hit us brutally," said Huang Songfei, a longtime buyer in Maoming. "The whole chain is hurting. People are at risk of losing their jobs." Tilapia may be a small segment of trade between the U.S. and China but the threat to livelihoods in Maoming is also being felt in both countries as the trade war throws up massive tariffs on imports. Or, as Huang, put it: "We're stuck." TO BREED OR NOT TO BREED March to May is usually the peak stocking season for tilapia. Recently hatched fish are typically in high demand, swiftly sold and sent off to farmers. This spring, orders are scarce. "This is the hardest year ever," a worker said, asking not to be identified. "Normally, we'd have sold a lot by now. But no one's buying. Farmers are scared." Her boss said sales have fallen by more than half. "Some aren't even exporting to the U.S., but they are panicking anyway," he said, also requesting anonymity. "It's a chain reaction." Tilapia prices crashed 17% in early April as Washington and Beijing traded tariff blows. Despite a modest recovery, prices are dangerously low and some farmers are struggling to make ends meet, Huang said. The city's 16 export processors are also struggling. They once exported about 100,000 tonnes of tilapia a year, mostly to the United States and Canada, according to the local government, enough to satisfy the average annual fish intake of 25 million Americans. "If this keeps going, everyone will go bankrupt," said Zhu Huazhi, a buyer for several processing plants. More than 60% of their tilapia once went to the U.S.. SEARCHING FOR A LIFELINE In nearby Hainan province, the U.S. accounts for half of its tilapia exports and the local aquatic products' association urged companies this month to find new markets at home and abroad. However, replacing American demand is difficult. While markets exist in the European Union, Africa and the Middle East - they can't quickly or completely replace U.S demand. Africa, for example, largely imports whole fish with minimal processing, according to a tilapia exporter. The domestic economy is no easy fix either. The local market is weak, consumers are cautious and spending is slow. In Maoming, people are pinning their hopes on a trade deal. "We'll see who can survive this," Zhu said. "I believe in China's economy. If the tariffs are resolved, orders will come back." ($1=7.2995 Chinese yuan renminbi) Sign in to access your portfolio
Reuters
24-04-2025
- Business
- Reuters
The Chinese fish town caught in the U.S. tariff net
MAOMING, China, April 24 (Reuters) - In Maoming, a southern Chinese city where a giant tilapia statue watches over traffic at an intersection, the fish isn't just a budget-friendly dinner, but a profession, income and way of life for thousands. Today, all of that is at risk from the trade war. here. An area roughly one and a half times the size of San Francisco is given over to tilapia farms in Maoming. Fish nurseries and feed lots in turn sustain the farms. Sixteen factories dot the city churning tilapia into fillets for export, much of it to supermarket freezers in the U.S.. Several rounds of U.S. tariffs mean China's $425 million in tilapia exports to the United States are subject to duties of 170%, all but pricing them out of their largest export market. In late April, fish nurseries in Maoming visited by Reuters talked of not getting orders for new fry; feed makers said customers are cutting back. Processors are idle and many farmers say they are making losses at today's prices. Tongwei, one of China's biggest aquaculture businesses, said this month that one-in-10 tilapia farmers in the country could lose their jobs. "These high tariffs have hit us brutally," said Huang Songfei, a longtime buyer in Maoming. "The whole chain is hurting. People are at risk of losing their jobs." Tilapia may be a small segment of trade between the U.S. and China but the threat to livelihoods in Maoming is also being felt in both countries as the trade war throws up massive tariffs on imports. Or, as Huang, put it: "We're stuck." TO BREED OR NOT TO BREED March to May is usually the peak stocking season for tilapia. Recently hatched fish are typically in high demand, swiftly sold and sent off to farmers. This spring, orders are scarce. "This is the hardest year ever," a worker said, asking not to be identified. "Normally, we'd have sold a lot by now. But no one's buying. Farmers are scared." Her boss said sales have fallen by more than half. "Some aren't even exporting to the U.S., but they are panicking anyway," he said, also requesting anonymity. "It's a chain reaction." Tilapia prices crashed 17% in early April as Washington and Beijing traded tariff blows. Despite a modest recovery, prices are dangerously low and some farmers are struggling to make ends meet, Huang said. The city's 16 export processors are also struggling. They once exported about 100,000 tonnes of tilapia a year, mostly to the United States and Canada, according to the local government, enough to satisfy the average annual fish intake of 25 million Americans. "If this keeps going, everyone will go bankrupt," said Zhu Huazhi, a buyer for several processing plants. More than 60% of their tilapia once went to the U.S.. SEARCHING FOR A LIFELINE In nearby Hainan province, the U.S. accounts for half of its tilapia exports and the local aquatic products' association urged companies this month to find new markets at home and abroad. However, replacing American demand is difficult. While markets exist in the European Union, Africa and the Middle East - they can't quickly or completely replace U.S demand. Africa, for example, largely imports whole fish with minimal processing, according to a tilapia exporter. The domestic economy is no easy fix either. The local market is weak, consumers are cautious and spending is slow. In Maoming, people are pinning their hopes on a trade deal. "We'll see who can survive this," Zhu said. "I believe in China's economy. If the tariffs are resolved, orders will come back." ($1=7.2995 Chinese yuan renminbi)
Yahoo
05-02-2025
- Automotive
- Yahoo
New report reveals promising outlook on revived energy source: 'What we're seeing is a broadening out'
Europe looks poised to practically double its solar capacity within the next year, bringing the industry back into the limelight. Liam Coman, a solar market analyst at S&P Global Commodity Insights, claimed during a presentation at Tongwei's new European office event in Frankfurt, Germany, that the market will grow from about 50 gigawatts into a 110-gigawatt market by the end of 2025. According to the trade association SolarPower Europe's (SPE) yearly report, Europe added a record 56GW of solar photovoltaic in 2023. However, SPE only forecasted 62GW in 2024. The key markets for the growth over the past three years were Germany, Eastern Europe, Spain, and Italy. If you were going to buy an EV, which of these factors would be most important to you? Good driving range Low sticker price High-tech features Cheap maintenance Click your choice to see results and speak your mind. In 2024 alone, the markets of Romania, Lithuania, and Ireland saw a solar capacity of over 1GW in a single year for the first time, a sign that the industry is rapidly expanding its scope. The rapid expansion of solar panel capacity in Europe will not only provide more clean energy to homeowners and businesses, saving them money on their energy bills, but it will also drive the growth of the global market, pushing for greater innovation and investment. A recent report from the Guardian also found that, for the first time, wind turbines and solar panels produced about 30% of the energy needed in the European Union, finally surpassing traditional fossil fuels. Coman stated that S&P forecasts global solar installations to reach 580GW in 2025, primarily driven by China, which has doubled its installed photovoltaic capacity since 2023. "What we're seeing is a broadening out of where solar is being installed," Coman said. "While mature markets are going to keep high levels of installation in the coming years, it's really these growth markets that we need to look to to drive the solar market forward in the coming years." Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
