Latest news with #US-ChinaBusinessCouncil
Business Times
10 hours ago
- Business
- Business Times
Trump's envoy to China calls out threat of foreign supply chains
[WASHINGTON] The US wants to revamp its trading relationship with China and the world by bringing many critical supply chains back onshore, the American ambassador to Beijing said. 'Unfettered globalisation has increasingly created single-source supply chain vulnerabilities,' David Perdue, who assumed his post last month, told a dinner in Washington on Thursday (Jun 19). 'We have all witnessed the extent to which our businesses have become overly dependent on China for components, inputs, intermediate goods and even entire supply chains,' he said, adding that American leaders had been 'blind to the hollowing out of many US strategic industries'. The assessment echoes criticism by European Commission President Ursula von der Leyen, who said at the recent Group of Seven meeting that the world is experiencing a new 'China Shock'. Her accusation, which drew a sharp retort from Beijing, took aim at what von der Leyen characterised as China's use of its quasi-monopoly over some sectors as both a bargaining chip and a weapon to undermine competition. Perdue took a more measured view, noting in his comments that US President Donald Trump does not blame China for pursuing its own national interest. 'President Trump's vision is to have a trading relationship with China that is based on reciprocity, fairness and respect – one in which the United States puts the American people first, just as China does for its own people,' he said via a video message to the annual dinner of the US-China Business Council. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up In earlier remarks at the same event, China's ambassador to the US, Xie Feng, made a case for America to become a partner and not a rival to his country, calling for the removal of still 'unreasonably high' tariffs imposed by Trump. Xie also argued that the trading relationship between China and the US was a 'two-way street', and neither side was getting ripped off. While the US had a goods trade deficit with China, American companies generated a lot of revenue in China, which in turn ran a shortfall in its services trade with the US. For Perdue, however, the lopsided commerce between the world's two biggest economies cannot go on as before. 'We must remedy the current imbalance in our relationship,' he said. 'If the United States is to pursue its own national interest in global trade while ensuring the US dollar's place as the world's reserve currency, then our economy cannot be so dependent on foreign supply chains that can be severed at any moment.' BLOOMBERG
Business Insider
14-05-2025
- Business
- Business Insider
When do tariffs actually kick in? Here's where all of Trump's trade plans stand.
While some of President Donald Trump 's so-called "Liberation Day" tariffs have already started, others have been paused or rolled back while the president conducts negotiations with trade partners. All the back and forth makes it difficult to keep track of where they all stand and how they might influence prices. On a broad scale, the price jumps economists and companies have predicted aren't showing up in the data yet; overall inflation slowed in April, but economists expect the coming months to reflect more price increases. Trump has said the long-term benefits of tariffs will be worth some short-term pain. He aims to use tariffs to increase revenue for the US government, right trade imbalances, and achieve other policy goals, such as cracking down on drugs and border policy. Companies are bracing for impact. Sean Stein, president of the US-China Business Council, told NBC in late April that "starting in a couple of weeks, we are just going to start running out of stuff, and if the administration waits to resolve the problem until we have shortages and hoarding, that is just too late." Here's where it all stands more than a month after Trump's Liberation Day announcement. Tariffs already in place 25% tariff on imported steel and aluminum started in March A 25% tariff on all imported steel and aluminum has been in effect since March. However, Trump's trade deal with the UK reduced tariff rates on British steel, aluminum, and cars in exchange for the UK buying $10 billion worth of Boeing planes, among other things. 25% tariff on most goods from Mexico and Canada started in March Trump first announced a 25% tariff on goods from Mexico and Canada in February to combat drug trafficking and strengthen border control. It went into effect after a month's delay. Exempted goods include those with complex supply chains, like cars and car parts. In additional, energy imports from Canada have a lower, 10% tariff. 10% baseline tariff on most imports since April The 10% baseline tariff Trump announced on April 2 remains in effect for most countries. A slew of major brands have already said they would be raising prices, either due to the tariffs in place or anticipation of those to come. One Republican business owner previously told Business Insider that he has started adding a "tariff tax" on his bikes, expecting that producing electric bikes will be 10% more expensive. White House Press Secretary Karoline Leavitt said during a press conference on May 9 that Trump "is determined to continue with that 10% baseline tariff" as part of any deal he may strike with other countries. Postponed tariffs "Reciprocal" tariffs are mostly on pause until July 9 Some of the biggest headlines following April 2 were the double-digit tariffs on over a hundred countries that would layer on top of the baseline 10%, including a 49%additional tariff for Cambodia and a 46% tariff for Vietnam. Trump later announced that most of the tariffs would be paused for 90 days, until July 9, and that he is open to making deals with countries to bring down rates. His deal with the United Kingdom is the first agreement to result from the tariffs. Tariffs on China are lowered for 90 days After a lot of back and forth over whether China and the US would engage in trade talks, Treasury Secretary Scott Bessent said in Geneva on Monday that the US and China reached an agreement to "substantially" lower tariffs. Bessent said Trump's 145% tariff on Chinese goods will decrease from 145% to 30% for 90 days. China will also lower its tariffs on American goods from 125% to 10% over the same time period. US Customs and Border Protection had previously exempted smartphones, computers, and other technology in order to minimize price increases on those products in the US. The most significant price impact from tariffs will likely be felt on goods imported from China, especially toys and vehicle parts. Other possible tariffs floated by Trump Lumber On March 1, Trump directed Commerce Secretary Howard Lutnick to investigate US lumber imports and determine if any imports threaten national security. Potential tariffs were recommended to mitigate any threats. Alcohol Responding to a plan from the European Union to place tariffs on American whiskey, Trump wrote on a March 13 Truth Social post that the US would place a 200% tariff on wine, Champagne, and other alcoholic products coming out of the EU. Pharmaceutical products In April, Trump told reporters that he would impose tariffs on imported pharmaceutical products at levels "you haven't really seen before" and would announce the measures in "the near future." Semiconductors Trump told reporters on April 13 that tariffs on semiconductors would be coming soon: "We wanted to uncomplicate it from a lot of other companies, because we want to make our chips and semiconductors and other things in our country," he said.
Fibre2Fashion
02-05-2025
- Business
- Fibre2Fashion
US goods exports to China down 2.8% in 2024: US-China Business Council
China remained the United States' third-largest goods export market last year and sixth-largest services export market in 2023, according to a new report by the US-China Business Council. US goods exports to China contracted by 2.8 per cent in 2024 despite global exports expanding slightly, it said. Export trends vary drastically across product categories. While trade with China in agriculture, education, travel, aerospace and many other sectors supports hundreds of thousands of American jobs, existing trade barriers and new tariff escalations threaten to upend years of largely uninterrupted growth in US exports to China, the report, titled 'US Exports to China', noted. China remained the third-largest goods export market for the US in 2024, a report by the US-China Business Council said. US goods exports to China contracted by 2.8 per cent in 2024 despite global exports expanding slightly, it said. Stunted economic growth and consumer demand in China, shifting import patterns in China, and trade barriers, such as tariffs, continue to weigh on bilateral trade. Recent US tariff increases have prompted Chinese retaliatory tariffs, including a 125-per cent baseline duty on all US goods and additional product-specific tariffs ranging from 10 per cent to 15 per cent. Businesses and communities in the Midwest and South are the most exposed to these product-specific retaliatory tariffs on US goods, the report said. Stunted economic growth and consumer demand in China, shifting import patterns in China, and trade barriers, such as tariffs, continue to weigh on bilateral trade. The data covered in the report does not reflect US and Chinese tariff increases enacted so far in 2025, and these are expected to significantly reduce US exports if they remain in place. Fibre2Fashion News Desk (DS)
South China Morning Post
30-04-2025
- Business
- South China Morning Post
US-China trade war putting thousands of American jobs at risk, business lobby group warns
The trade war between the United States and China has put more than US$140 billion worth of American exports and thousands of jobs at risk, according to a new report by a US business lobby group. Advertisement It said the tit-for-tat tariffs imposed by the two countries are affecting a wide range of industries that support employment in the US – including agriculture, semiconductors, education, travel and aerospace. The report by the US-China Business Council, released in Washington on Tuesday, said the 'precipitous decline in US exports to China' was evidence that US businesses, farmers, ranchers and workers are 'reeling from the ongoing trade war'. The council represents 270 American companies that do business in China, and its president, Sean Stein, urged leaders from both countries to return to the negotiating table and 'take immediate steps' to remove or reduce tariffs. 'If these tariffs remain in place, trade between the two countries will fall precipitously, sacrificing billions of dollars of exports and hundreds of thousands of American jobs, potentially destabilising the US economy, and significantly weakening America's global competitiveness,' he said. Advertisement Many American and Chinese exporters are already feeling the impact of the trade war, which has seen the US and China impose additional tariffs of more than 120 per cent on each other's goods.
Zawya
29-04-2025
- Business
- Zawya
Export employment to dive if trade war persists -US business group
All American exports to China worth $140.7 billion last year now face a retaliatory Chinese tariff of at least 125%, putting at risk hundreds of thousands of American jobs that support the exports, the US-China Business Council said on Tuesday. China imposed a 125% tariff rate on U.S. exports on April 11 to retaliate against a 145% tariff that the U.S. government levied on Chinese goods, in an unprecedented escalating trade war between the world's two largest economies that threaten to dent global growth. In a report released on Tuesday, the US-China Business Council said U.S. exports to China support 862,467 jobs and warned that a continuation of punitive tariff rates on both sides will lead to a "precipitous" fall in jobs and trade revenues. "No one is spared this time," said Sean Stein, president of the US-China Business Council who said all Americans from consumers to farmers and ranchers are hurt by the tariffs. "We urge leaders from both countries to come to the negotiating table," he said. The Business Council said businesses and communities in the South and Midwestern United States are most exposed to Chinese tariffs on U.S. goods, in part because oilseeds and grains -- which are produced in the Midwest -- form the largest U.S. exports to China. Oil and gas exports are the next largest U.S. exports to China, at $12.3 billion, followed by pharmaceuticals and medicines at $10.9 billion and semiconductors and components at $10.5 billion, the Business Council said. Texas, Louisiana, Alabama, Illinois and California are most vulnerable to the retaliatory Chinese tariffs due to the value of their exports that now face tariff rates beyond 125%, the Business Council said. On the services side, the U.S. education industry is the top service exporter to China, selling $14.4 billion worth of services in 2023, the US-China Business Council said. The top U.S. service exporters to China by state were California, New York, Texas, Illinois and Massachusetts in 2023, the council said. (Reporting by Koh Gui Qing; Editing by Chizu Nomiyama )
