Wednesday, March 20, 2019 | ePaper

Chinese exporters scramble to cope with Trump tariff hike

  • Print
 AP, Beijing :
Facing a possible U.S. tariff hike, one of China's biggest ball bearing makers, Cixin Group, is weighing plans to rush shipments to American customers before the increase makes its sales unprofitable.
The company in the eastern city of Ningbo is among exporters of goods from motorcycle parts to electronics that are scrambling to cope with President Donald Trump's higher duties by shipping early, raising prices or finding new markets.
The 25 percent increase would turn Cixin's profits to losses in the U.S. market, which takes 30 percent of its exports, according to Wang Liqiang, a company manager.
"We are considering manufacturing as many ball bearings as possible for the U.S. market before the imposition of tariffs," said Wang. "We can do it by working overtime."
Some companies are looking at ways to hide their Chinese origin by shipping goods through other countries.
"Maybe customers will buy from South America, and then South America sells to the U.S.," said Yvonne Yuan, a sales manager for Shenzhen Tianya Lighting Co., a manufacturer of LED bulbs.
Trump says higher duties on $50 billion of Chinese goods are meant to punish Beijing for stealing or pressuring foreign companies to hand over foreign technology.

More News For this Category

M M Monirul Alam, Managing Director of Guardian Life Insurance Limited and Anis A Khan, Managing Director of Mutual Trust Bank (MTB) Limited, exchanging an agreement signing document at the Bank's head office in the city recently. Under the deal, employees of MTB along with their dependent family members will be able to claim insurance coverage and facilities from the insurance company. Tapan Chowdhury, Chief Patron, David Griffiths, Director, Md. Azimul Haque, Head of Group Insurance, Rubayat Saleheen, Head of Marketing & Communication of the insurance, Dr. Arif Dowla, MA Rouf, Md. Abdul Malek, Directors of the Bank were also present.

M M Monirul Alam, Managing Director of Guardian Life Insurance Limited and Anis A Khan, Managing Director of Mutual Trust Bank (MTB) Limited, exchanging an agreement signing document at the Bank's head office in the city recently. Under the deal, employees of MTB along with their dependent family members will be able to claim insurance coverage and facilities from the insurance company. Tapan Chowdhury, Chief Patron, David Griffiths, Director, Md. Azimul Haque, Head of Group Insurance, Rubayat Saleheen, Head of Marketing & Communication of the insurance, Dr. Arif Dowla, MA Rouf, Md. Abdul Malek, Directors of the Bank were also present.

GDP growth to reach 8.13pc, per capita income $1909 in FY19

Economic Reporter :The country's economy will grow by record 8.13 percent in the current fiscal year (FY19) while the per capita income will reach US$1,909, said Finance Minister AHM Mustafa

NEC approves Tk 1,65,000cr revised ADP

The National Economic Council (NEC) today approved a Tka 1,65,000 crore Revised Annual Development Programme (RADP) for the current fiscal year (FY19) keeping highest priority on the transport sector.The approval

Banks to charge simple interest rate: Kamal

Banks to charge simple interest rate: Kamal

Economic Reporter :Finance Minister AHM Mustafa Kamal on Tuesday said that simple interest rates will be charged on all bank loans instead of present practice of compound rates to lower

Mizanur Rashid, Chief Commercial Officer of bKash Limited and Syed Ashraful Islam, Chief Financial Officer of Asrotex Group, exchanging an agreement signing document at bKash head office in the city recently. Under the deal, around 17 thousand RMG workers of the group will get their salary through bKash account from now. Top officials from both sides were also present.

Mizanur Rashid, Chief Commercial Officer of bKash Limited and Syed Ashraful Islam, Chief Financial Officer of Asrotex Group, exchanging an agreement signing document at bKash head office in the city recently. Under the deal, around 17 thousand RMG workers of the group will get their salary through bKash account from now. Top officials from both sides were also present.

Humayun for making BCIC profitable

Economic Reporter :Industries Minister Nurul Majid Mahmud Humayun Tuesday asked the employees and workers of the 13 organisations under Bangladesh Chemical Industries Corporation (BCIC) to work with the highest professionalism,

Jute can be new growth driver of economy

Jute can be new growth driver of economy

Economic Reporter :Jute and jute goods hold potential to become the next key driver of the economy as the present ones -- garments and remittance -- have little scope to

1m employment in ICT sector last one decade: Palak

Economic Reporter :Country's Information Communication Technology (ICT) sector progressed tremendously in last one decade. Only in this sector, 10 lakh job opportunities created during this tenure and by 2021 this

Stocks witness up on large-cap vibe

Economic Reporter :Stocks witnessed upward trend on Tuesday as major indices of both Dhaka and Chittagong Stock Exchanges were found rising trend with higher activities of some large-cap securities despite

Ali Reza Iftekhar, Managing Director of Eastern Bank Limited (EBL) and  Madhav Kalyan, Managing Director of J P Morgan Chase Bank NA, India and head of corporate banking (South and Southeast Asia), exchanging a partnership agreement signing documents for processing letter of credit documents through electronic channel at EBL head office in the city recently. Top officials from both the organizations were also present.

Ali Reza Iftekhar, Managing Director of Eastern Bank Limited (EBL) and Madhav Kalyan, Managing Director of J P Morgan Chase Bank NA, India and head of corporate banking (South and Southeast Asia), exchanging a partnership agreement signing documents for processing letter of credit documents through electronic channel at EBL head office in the city recently. Top officials from both the organizations were also present.