A fridge magnet displaying 'President Donald Trump 2024' is showcased at a store in Yiwu, China, highlighting the city's role in supplying U.S. and global markets with a myriad of small commodities, from souvenirs to everyday items.
A fridge magnet that reads"President Donald Trump 2024" is displayed at a store at the Yiwu wholesale market in Yiwu , east China 's Zhejiang province, Nov. 8, 2024.
Those trends look to accelerate under President-elect Donald Trump, who has threatened to sharply raise tariffs on all Chinese imports and close some loopholes exporters currently use to sell their products more cheaply in the U.S. If enacted, his plans would likely raise prices in America and squeeze sales and profit margins for Chinese exporters.
Elsewhere in the sprawling market, the owner of Yiwu Bixuan Import Export Co. Ltd., echoed her thoughts. Chen Yong's trading company exports glass vases and other home decor, and Chen said business with the U.S. and Europe has suffered over the past few years – but it has boomed with other regions such as Southeast Asia, Africa, South America and Russia.
“We have to wait and see how much he will increase the tariff before knowing how big the impact on us can be,” he said. “We don’t know now.”A 60% tariff would have a severe impact on Chinese exports to the U.S., said Tu Xinquan, director of the China Institute for WTO Studies at the University of International Business and Economics in Beijing.
The Biden administration kept most of Trump's duties and layered on fresh ones on products such as steel, solar cells and electric vehicles. Biden’s approach has focused on sectors considered strategic, such as artificial intelligence and green energy. Trump’s proposed blanket tariffs could spill over into daily-use goods, pressuring smaller manufacturers like those in Yiwu.
Donald Trump 2024 China Exporters Yiwu Campaign Memorabilia
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