Japanese media analysis: the first anniversary of the trade war between China and the United States who lost big

Release time:

2019-07-10

According to Japanese mainstream media reports, as of the end of April this year, after China and the United States imposed three rounds of tariffs on each other, the export volume of the two countries has dropped sharply compared with that before the start of the trade war, and the US side has lost more than China.

This article is an article in Singapore's Lianhe Zaobao on July 7, original title: Japanese media analysis: the first anniversary of the trade war, the United States lost more than China

On July 6 last year, the United States began to impose a 25% tariff on the first batch of Chinese goods worth 34 billion US dollars. China then offered countermeasures and the trade war was in full swing. Look at the trade data of the two countries to understand the impact of the trade war. According to the analysis data of Japan economic news, the export volume of Chinese goods subject to tariffs to the United States decreased by 14%, and the trade volume decreased by 18 billion US dollars, accounting for 3% of the annual trade volume of exports to the United States. U.S. exports to China have shrunk by 38% and trade by $23 billion. So far, nearly half of China's exports to the United States and 70% of U.S. exports to China have been subject to tariffs.

The data show that the United States has suffered more losses. After China imposed tariffs on US goods in kind, US exports to China began to decline, nearly $4 billion less at the end of last year compared with the same period last year. The impact on China's exports to the United States did not appear until four months later, with a decrease of more than $4 billion as of the beginning of this year.

Hufbauer, a senior researcher at the Peterson Institute for International Economics, believes that the difference in the time when the impact emerges is due to the different types of exports between China and the United States. The tariffs imposed by China are mainly aimed at U.S. agricultural products and fuels, which can be purchased from other countries instead; U.S. imports from China are mostly special products that are not easily purchased from other countries at similar low prices, including pressure relief valves, cables and other industrial raw materials.

Given that the tariffs are expected to continue and are unlikely to be removed, at least in the short term, Chinese and American exporters have been forced to avoid goods on the tariff blacklist and try to keep costs down in order to tide over the difficulties.

The U. S.-China trade war has also changed the international trade landscape, causing concern in some countries. For example, in May, the Brazilian Animal Protein Association received a phone call from the Saudi Embassy, saying that Saudi Arabia was worried that Brazil's substantial increase in food exports to China would indirectly lead to a sharp drop in Brazil's food exports to Saudi Arabia. After the trade war began, China abandoned U.S. agricultural products and purchased them from Brazil instead.

Trade wars don't just make agricultural and resource-rich countries sit back and profit. Vietnam and Mexico have also replaced Chinese suppliers and exported more electronic equipment and machinery to the United States. After China imposed tariffs, US fuel exports plummeted by more than 50%, while Saudi Arabia and Russia's fuel exports increased by 51% and 40% respectively.

US and Chinese leaders have agreed to restart trade talks. A spokesman for China's Ministry of Commerce recently reiterated that if the two sides can reach an agreement, all tariffs imposed by the US must be canceled.

(Source: Global Times)

Briefing on the Economic Operation of the Clothing Industry from January to May 2019

Return to List

Middle-class coordination research Shaoxing nonwovens and medical supplies industry.

More information