Beijing, May 10 (AP/UNB) — Chinese exporters of all sorts of products, from power adapters and computers to vacuum cleaners, are anxiously hoping trade talks in Washington this week will yield a deal that might stave off higher U.S. tariffs on imports from China.
Companies across China are bracing for a tariff hike on Friday after President Donald Trump, complaining Beijing was backtracking and the talks on a festering trade dispute were taking too long, said he would raise import duties on $200 billion of Chinese goods to 25% from 10%.
Amber Chen, sales manager for a vacuum cleaner manufacturer based in southern China, says her company has $100 million in exports to the U.S. at stake.
"I really hope that the two countries can reach an agreement," Chen said in a phone interview. "We just can't swallow the costs of a tariff increase."
The trade dispute erupted last summer with the first round of U.S. tariff increases. It deepened with Trump's announcement via Twitter on Sunday that he plans to raise tariffs and have them cover all products imported from China, as of Friday.
The tariffs have devastated many factories in Chinese coastal regions that serve the U.S. market. Industries such as electronics have seen sales to the U.S. plummet up to 40%. Overall Chinese exports to the U.S. dropped 13% in April from a year earlier.
Many Chinese companies are reluctant to speak publicly about their problems, especially those linked to sensitive topics such as the ruling Communist Party's policies on trade and technology.
But sales managers of five Chinese companies that depend heavily on exports to the U.S. told The Associated Press that while they have managed to adjust to current tariff levels with minimal trouble, a jump to a 25% tariff would make doing business with the U.S. virtually impossible for most of them.
"If the tariffs rise to 25 percent, then we're done for," said James, a sales manager for a computer monitor manufacturer in Shenzhen, China's southern tech hub.
He declined to give his full name. He said 30 to 40% of his company's products are exported to the U.S.
Before this week, both the U.S. and China said the trade talks were making steady progress, giving the impression that the world's two biggest economies were approaching an agreement. Trump's unexpected threat Sunday sent global financial markets into a tailspin. On Thursday, China vowed to defend its interests and retaliate with "necessary countermeasures" if the increases take effect Friday as planned.
Talks on resolving the dispute resumed later Thursday, and Trump said that he'd received "a beautiful letter" from Chinese President Xi Jinping and would "probably speak to him by phone."
Financial markets took that as a positive sign. The Shanghai Composite index jumped 2.1% and Hong Kong's Hang Seng gained 1.4%. On Wall Street, Dow and S&P 500 futures also logged gains after markets closed on Thursday.
China has kept official statements on the latest trade talks, the 11th round, low-key and restrained. That's in contrast to more aggressive rhetoric in earlier rounds. Domestic media avoided reporting on Trump's tweeted threat for hours after it was posted.
If the tariff increase goes ahead, the impact will be deeply felt by small- and medium-sized enterprises, said Shawn Yang, sales manager for a company in Shenzhen that produces electric power adapters.
"We're on the front lines," he said.
Many of the company's products are designed for use in the U.S., Yang said, so it would be difficult to shift sales to other markets.
He said he's confident it can weather the trade war because of the quality of their products, though some buyers are waiting for a conclusion to the trade dispute before placing new orders.
Yang said he has faith the two countries will reach an agreement.
"(The trade war's) impact is too far-reaching," he said. "It's not possible for them to keep fighting like this."
Dhaka, May 9 (UNB)- IDLC Finance Ltd will provide loan to the customers of Easy Build, a retail chain of building materials of RFL Group, for constructing their houses and purchasing building materials.
Uzma Chowdhury, Director (Corporate Finance) of PRAN-RFL Group and Jamal Uddin, Deputy Managing Director of IDLC Finance Limited, signed an agreement in this connection on behalf of their respective organisations at the head office of IDLC on Wednesday.
Jamal Uddin said, “Among the financial institution, IDLC is offering attractive home loan to the interested people. For the connection, IDLC may refer its potential customers for complete or partial solution for building construction from Easy Build”.
Serajul Gani Monju, Head of Sales, Amdadul Islam, Senior Brand Manager of Easy Build, Mesbah Uddin Ahmed, General Manager & Head of Corporate of IDLC Finance and Mahjebeen Binte Rahman, Deputy General Manager, were also present on the occasion.
Easy Build outlet is available in Rampura, Badda, Mirpur, Jatrabari, Uttara, Savar, Comilla, Bogra and Rangpur.
Washington, May 9 (AP/UNB) — U.S. and Chinese negotiators are set to resume trade talks just hours before the United States plans to raise tariffs on Chinese imports in a dramatic escalation of tensions between the world's two biggest economies.
China says it will retaliate if President Donald Trump follows through, though the Commerce Ministry in Beijing offered no specifics.
The negotiations starting up again Thursday were thrown into disarray after U.S. officials accused the Chinese of reneging on commitments they'd made in earlier rounds of talks. In response to the backsliding, the United States is raising tariffs on $200 billion in Chinese imports from 10% to 25% at 12:01 a.m. Eastern time Friday.
The two countries are sparring over U.S. allegations that China steals technology and pressures American companies into handing over trade secrets.
Beijing, May 9 (AP/UNB) — China said Thursday it will retaliate if President Donald Trump goes ahead with more tariff hikes in a fight over technology and trade, ratcheting up tensions ahead of negotiations in Washington.
Beijing will be forced to take "necessary countermeasures" if the increases go ahead Friday as planned, the Commerce Ministry said. It gave no details of possible penalties.
Trump threw global financial markets into turmoil with his surprise threat Sunday to raise import duties on $200 billion of Chinese goods from 10% to 25%. Trump complained talks were moving too slowly and Beijing was trying to backtrack on earlier agreements.
"China deeply regrets that if the U.S. tariff measures are carried out, China will have to take necessary countermeasures," said a Commerce Ministry statement.
Trump has raised import duties on $250 billion of Chinese goods starting last July over complaints Beijing steals or pressures companies to hand over technology.
The negotiations also include complaints about China's trade surpluses and plans for government-led creation of global competitors in robotics and other fields. Washington, Europe, Japan and other trading partners say those violate Beijing's market-opening commitments.
Beijing responded with penalties on $110 billion of American imports, but is running out of goods for penalties due to their lopsided trade.
Chinese authorities already have extended retaliation beyond imports by targeting operations of American companies in China. Regulators have slowed down customs clearance for their shipments and delayed issuing licenses in finance and other industries.
Beijing has an array of other weapons including launching tax, anti-monopoly or other investigations that can hamper a company's operations.
Dhaka, May 8 (UNB)- Walton has recently declared a new offer of cashback on buying air conditioners and posting selfies with it on Facebook.
Buyers of Walton AC, will have to registered the AC on digital campaign and post a selfie or picture with the AC on their Facebook and set it as profile picture, to get a cashback of Tk 500. If they set Walton AC’s caller tune on their mobile phone, they will also get another Tk 500, said Walton’s Deputy Operative Director Mofizur Rahman.
While posting the photo on Facebook and setting the caller tune, the customers have to write some comments describing the photos. After that, a screenshot of the post will have to be send to 01686694797 through Viber, WhatsApp or Imo.
Meanwhile, there is a chance of getting another Tk 500 cashback by setting the caller tune of Walton ACs on cell phones. Grameenphone subscribers can set up caller tune by dialing *24000*301# by pressing 2; Airtel subscribers to dial *788*572# while Robi subscribers will can set the caller tune by dialing *8466*132#.
Walton provides 6-month replacement guarantee along with 10-year guarantee on Inverter AC compressors.