Sino-US trade war officially starts

Customs tariffs for some US fruits exported to China increased by 400%

After several months of back-and-forth between the Chinese and US governments, the Sino-US trade war officially began on July 6th, 2018. The cost price of several US agricultural products sharply increased when the new customs tariffs were implemented. Customs tariffs on US apple export to China increased from 10% to 50%, cherries from 10% to 50%, oranges from 11% to 51%, and plums from 10% to 50%, which is an overall fourfold increase of customs tariffs.

One Chinese fruit importer stated that the new customs tariffs will greatly reduce the volume of US agricultural product export to China, in particular the seasonal US export cherries. The increased customs tariff is not the only problem. Stricter customs policies also delay import procedures, which is unfavorable for cherries which benefit from short supply chains. Chinese importers are likely to shift their attention to other cherry producing countries, such as Turkey and Canada.

Looking at the global export market, the official start of the Sino-US trade war will certainly have an impact on global trade structures. If US agricultural products are unable to find large-scale markets in China, then they may end up in other markets for lower prices. This in turn may provide excellent business opportunities for importers of agricultural products in European countries.



Publication date :
Author:
©


Print   

Receive the daily newsletter in your email for free | Click here


Other news in this sector:


© FreshPlaza.com 2018