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China unveils export safeguards in face of US tariff threats

China unveils export safeguards in face of US tariff threats

Posted on November 22, 2024   |  

Donald Trump, the US President-elect, plans to increase tariffs on Chinese exports by 60%, which may hurt their profitability and trade.

China’s Commerce Ministry introduced measures to counter trade restrictions and support exporters by creating a favorable business environment.

The ministry’s nine-point plan includes expanding export credit insurance and providing more financing to international trade businesses.

Authorities aim to boost cross-border e-commerce, which has become a key driver of China’s economic growth.

The plan focuses on increasing exports of agricultural and other specialty goods while encouraging imports of vital equipment and energy resources.

China’s economy relies heavily on exports but faces challenges from low domestic spending and a struggling housing sector.

Despite US tariffs, China exported $427.2 billion to the US last year, compared to $147.8 billion in imports, while also imposing retaliatory tariffs on American goods.



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