Tuesday, December 11, 2018 | 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

Farzana Chowdhury, Managing Director of Green Delta Insurance Company Limited, receiving the ICMAB Best Corporate Award in Insurance trophy for the first prize in Insurance category from Finance Minister Abul Maal Abdul Muhith at a function in the city on Saturday.

Farzana Chowdhury, Managing Director of Green Delta Insurance Company Limited, receiving the ICMAB Best Corporate Award in Insurance trophy for the first prize in Insurance category from Finance Minister Abul Maal Abdul Muhith at a function in the city on Saturday.

.

Bangabandhu Hi-Tech City to create 5,250 new jobs

Bangabandhu Hi-Tech City to create 5,250 new jobs

Business Desk :About 5,250 new job opportunities are expected to be created with an investment of Tk 558 crore in the country's first hi-tech park - Bangabandhu Hi-Tech City

The number one ice cream brand of Bangladesh, IGLOO ICE CREAM, has been awarded as the

The number one ice cream brand of Bangladesh, IGLOO ICE CREAM, has been awarded as the "THE BEST ICE CREAM BRAND 2018" by Bangladesh Brand Forum. The Brand got this award for the fourth time.

.

16 entities to get productivity award today

Business Desk :Sixteen organisations, covering all major categories of industrial units, will get the "National Productivity and Quality Excellence Award-2017" tomorrow for their significant contribution to the industrial sector

National VAT week begins

Economic Reporter :The National Board of Revenue (NBR) Chairman M Mosharraf Hossain Bhuiyan on Monday formally inaugurated the National VAT Day and VAT Week through releasing balloons and pigeons.The

Bank Asia gets new independent director

Bank Asia gets new independent director

Business Desk :Dilwar H Choudhury has been elected as an independent director of Bank Asia. He is a recognized professional banker having 35 (thirty five) years of work experience,

Mahammad Obaidul Karim, Chairman of Kohinoor Chemical Company (BD.) Limited, presiding over its 31st AGM at city's Officers Club on Monday. Md. Reazul Karim, Managing Director, Md. Abul Khair, Director and Prof. Dr. M. Shamsher Ali, Independent Director of the company were also present.

Mahammad Obaidul Karim, Chairman of Kohinoor Chemical Company (BD.) Limited, presiding over its 31st AGM at city's Officers Club on Monday. Md. Reazul Karim, Managing Director, Md. Abul Khair, Director and Prof. Dr. M. Shamsher Ali, Independent Director of the company were also present.

.

Grameenphone, Maximus jointly launch co-branded 4G smartphones

Business Desk :Grameenphone and Maximus jointly launched two co-branded smartphones Maximus D7 and Maximus P7 at GPHouse in the capital on Monday.Among these two smartphones Maximus D7 is the

Price fall in large-cap drives stocks further down

BSS, Dhaka :Stock markets closed the day of the week on Monday with downward trend due mainly to price fall in large-cap securities.The falling major sectors were IT, textile,

Vision for 24,000 MW power to be fulfilled by 2021

BSS, Dhaka :The electricity generation capacity reached to 20,430 MW this year bringing more than 91 percent people under elasticity coverage from earlier 47 percent."The present government's vision is