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china’s furniture makers hope for trade war’s end as us orders ‘disappear’ following the 25 per cent import tariff
by：TR
2021-08-27
Last month, Chinese furniture makers were hit hard by rising tariffs on U. S. exports, after seeing the G20 summit in Japan last month, the apparent easing of trade between the world\'s two largest economies has brought a glimmer of hope.
The agreement between US and Chinese officials to resume economic and trade negotiations has been welcomed by furniture manufacturers, who say that since the 25-cent tax on their goods was imposed in June 1, their American buyers have actually been.
The tariff replaces the ten-percent tax imposed by US President Donald Trump on furniture and other Chinese --
Production began in September.
\"Trade Tensions seem very volatile and we don\'t know how to adapt to rapid development.
Changes, \"said Zhang Xiaojun, senior sales manager of Haining mengnu group exporting about 2 billion yuan (US$291 million)
Sofa and other household items are provided to the United States every year.
\"We expect the government to reach an agreement soon to remove the tariffs imposed on our products.
After all, this isor-
The dead game of Chinese furniture company.
\"According to data from China International Capital Corporation, furniture manufacturers are the industry most affected by the new tariff regime imposed by the United States on Chinese goods worth $200 billion (CICC).
The investment bank estimates that the tax will amount to about £ 34.
Accounted for 2% of the industry\'s profits last year.
In 2018, mainland furniture manufacturers produced goods worth 701 billion yuan, a four-fold increase.
According to the China Association, this is 3 percentage points higher than the same period last year.
exported to the United States accounts for about 70 billion of China\'s annual output, or about RMB.
For companies that rely heavily on exports to the United States, higher tariffs are devastating, Zhang said.
\"The extra duty of 25 cents is not good for us because US commodity merchants are hesitant about the high price after paying the tariff,\" Zhang said . \".
\"It really killed our business.
\"In Guangdong, dozens of furniture manufacturers have lost business in the US market due to tariff problems, according to Dongguan-
Company executives who asked not to be named.
These companies are waiting. and-
The manager told the Post, adding that after President Xi Jinping and Trump agreed to restart trade talks during the G20 summit, they saw positive signs.
The impact of the trade war can be seen from the backward stock prices of hotel furniture companies exported to the United States.
Jason furniture in Hangzhou
Sofa and bed producers, export revenue in 2018 accounted for 38 of total revenue.
Since the beginning of this year, the company\'s Shanghai stock has fallen by 1 percentage point, 13 percentage points below the benchmark Shanghai Composite Index.
The company reported first-quarter profit growth of 10 per cent over the same period last year, compared with 10 per cent in the same period last year.
China Securities said in a possible report that Jason furniture plans to set up factories overseas and adjust its customer base to help mitigate the impact of U. S. tariffs.
Efforts to streamline the manufacturing process, combined with the weakness of the yuan, should also help companies reduce production costs, brokers said.
Some Chinese hotel furniture manufacturers say their lean manufacturing business and low profit margins have limited their ability to adjust prices when they face taxes.
Taking into account the low profit margin of menu, adjusting the price to ten per cent would effectively destroy all the profits of the sofas shipped to the United States, Zhang said.
Trade war: the United States and China agreed to a temporary truce before the G20 summit. \"For Chinese furniture companies like ours, the 25-cent tariff is the death penalty as our net profit margin remains around 5, he added.
\"We can\'t cut the price any more.
Other furniture makers are more optimistic.
Feng Rong, manager of Boeason, a wooden furniture maker in Cixi, Zhejiang province, said the labor market could help absorb some of the effects.
\"China is still a growing market and millions of people want to improve their living conditions,\" Feng said . \".
\"In the next two or three years, about ten percent of total output can be digested in the domestic market.
Other manufacturers say domestic demand in China is starting to overtake exports as a driver of economic growth.
\"It is not uncommon to see customer order furniture products worth 300,000 to 400,000 yuan now, because they are rich enough to use high-end furniture to show their social status,\" said Yan Yanan ,\". A sales manager in Shanghai
Based in A furniture companyZenith.
\"There is still a lot of potential in the domestic market.
More information from the South China Morning Post: The article Chinese furniture makers want the trade war to end as US orders \"disappear\" after 25 cents of import tariffs first appeared on the South China Morning Post, get the latest news from South China Morning Post download our mobile app. Copyright 2019.
Most people who see a in operation for the first time are amazed at how well the custom made furniture is managed.
JiangSu TaoRong Furniture Co., Ltd. are a market-focused, process-centered organization that develops and delivers innovative solutions to our customers, consistently outperforms our peers, produces predictable earnings for our customers, and provides a dynamic and challenging environment for our employees.
JiangSu TaoRong Furniture Co., Ltd. ’s model also predicts (i) a positive effect of management on firm performance; (ii) a positive relationship between product market competition and average management quality (part of which stems from the larger covariance between management with firm size as competition strengthens); and (iii) a rise (fall) in the level (dispersion) of management with firm age.
The agreement between US and Chinese officials to resume economic and trade negotiations has been welcomed by furniture manufacturers, who say that since the 25-cent tax on their goods was imposed in June 1, their American buyers have actually been.
The tariff replaces the ten-percent tax imposed by US President Donald Trump on furniture and other Chinese --
Production began in September.
\"Trade Tensions seem very volatile and we don\'t know how to adapt to rapid development.
Changes, \"said Zhang Xiaojun, senior sales manager of Haining mengnu group exporting about 2 billion yuan (US$291 million)
Sofa and other household items are provided to the United States every year.
\"We expect the government to reach an agreement soon to remove the tariffs imposed on our products.
After all, this isor-
The dead game of Chinese furniture company.
\"According to data from China International Capital Corporation, furniture manufacturers are the industry most affected by the new tariff regime imposed by the United States on Chinese goods worth $200 billion (CICC).
The investment bank estimates that the tax will amount to about £ 34.
Accounted for 2% of the industry\'s profits last year.
In 2018, mainland furniture manufacturers produced goods worth 701 billion yuan, a four-fold increase.
According to the China Association, this is 3 percentage points higher than the same period last year.
exported to the United States accounts for about 70 billion of China\'s annual output, or about RMB.
For companies that rely heavily on exports to the United States, higher tariffs are devastating, Zhang said.
\"The extra duty of 25 cents is not good for us because US commodity merchants are hesitant about the high price after paying the tariff,\" Zhang said . \".
\"It really killed our business.
\"In Guangdong, dozens of furniture manufacturers have lost business in the US market due to tariff problems, according to Dongguan-
Company executives who asked not to be named.
These companies are waiting. and-
The manager told the Post, adding that after President Xi Jinping and Trump agreed to restart trade talks during the G20 summit, they saw positive signs.
The impact of the trade war can be seen from the backward stock prices of hotel furniture companies exported to the United States.
Jason furniture in Hangzhou
Sofa and bed producers, export revenue in 2018 accounted for 38 of total revenue.
Since the beginning of this year, the company\'s Shanghai stock has fallen by 1 percentage point, 13 percentage points below the benchmark Shanghai Composite Index.
The company reported first-quarter profit growth of 10 per cent over the same period last year, compared with 10 per cent in the same period last year.
China Securities said in a possible report that Jason furniture plans to set up factories overseas and adjust its customer base to help mitigate the impact of U. S. tariffs.
Efforts to streamline the manufacturing process, combined with the weakness of the yuan, should also help companies reduce production costs, brokers said.
Some Chinese hotel furniture manufacturers say their lean manufacturing business and low profit margins have limited their ability to adjust prices when they face taxes.
Taking into account the low profit margin of menu, adjusting the price to ten per cent would effectively destroy all the profits of the sofas shipped to the United States, Zhang said.
Trade war: the United States and China agreed to a temporary truce before the G20 summit. \"For Chinese furniture companies like ours, the 25-cent tariff is the death penalty as our net profit margin remains around 5, he added.
\"We can\'t cut the price any more.
Other furniture makers are more optimistic.
Feng Rong, manager of Boeason, a wooden furniture maker in Cixi, Zhejiang province, said the labor market could help absorb some of the effects.
\"China is still a growing market and millions of people want to improve their living conditions,\" Feng said . \".
\"In the next two or three years, about ten percent of total output can be digested in the domestic market.
Other manufacturers say domestic demand in China is starting to overtake exports as a driver of economic growth.
\"It is not uncommon to see customer order furniture products worth 300,000 to 400,000 yuan now, because they are rich enough to use high-end furniture to show their social status,\" said Yan Yanan ,\". A sales manager in Shanghai
Based in A furniture companyZenith.
\"There is still a lot of potential in the domestic market.
More information from the South China Morning Post: The article Chinese furniture makers want the trade war to end as US orders \"disappear\" after 25 cents of import tariffs first appeared on the South China Morning Post, get the latest news from South China Morning Post download our mobile app. Copyright 2019.
Most people who see a in operation for the first time are amazed at how well the custom made furniture is managed.
JiangSu TaoRong Furniture Co., Ltd. are a market-focused, process-centered organization that develops and delivers innovative solutions to our customers, consistently outperforms our peers, produces predictable earnings for our customers, and provides a dynamic and challenging environment for our employees.
JiangSu TaoRong Furniture Co., Ltd. ’s model also predicts (i) a positive effect of management on firm performance; (ii) a positive relationship between product market competition and average management quality (part of which stems from the larger covariance between management with firm size as competition strengthens); and (iii) a rise (fall) in the level (dispersion) of management with firm age.
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