Group 1 - The article highlights the challenges faced by Chinese foreign trade enterprises due to the imposition of tariffs by the United States, which disrupts global trade rules [1] - Chinese economy demonstrates resilience and vitality by diversifying markets, increasing investment in technology research and development, and enhancing policy support for foreign trade enterprises [1] - In Luoyang, a steel furniture company has successfully attracted foreign orders by exploring new market opportunities, despite facing tariff impacts [3] Group 2 - The steel furniture produced in Luoyang is exported to over 100 countries, with a total output value nearing 20 billion yuan [3] - The company identified a market opportunity for steel furniture as a durable alternative to wooden furniture, which is prone to damage in humid climates [5] - Since April, the company has hosted over 20 domestic and foreign distributors interested in their products [5] Group 3 - In Jinjiang, the textile and footwear industry is adapting to export pressures from U.S. tariffs by expanding its market reach, with exports to Europe increasing from 30% to 55% and to South America rising to 25% [6] - The industry is leveraging the Belt and Road Initiative to significantly increase order volumes [6] - Jinjiang enterprises are innovating with new materials and technologies, such as carbon fiber and AI applications, attracting customers willing to place orders on-site [8] Group 4 - Jinjiang's textile and footwear companies are diversifying their offerings by exporting not only finished products but also supply chains, including fabrics and hygiene products [10] - This trend of supply chain exports is becoming increasingly common in Jinjiang this year [10]

文 ｜ 杨帆 玛西高娃 ▍ 我国对美出口贸易在省际层面呈现出东部集中、区域分化和集群支撑的三重特征 。 第一，我国对美出口高度集中于东部沿海省份，2 0 2 3年以来前五大省份贡献了7 2 . 3%的出口额，前八大省份合计贡献8 4 . 9%，其中广东和浙江 出口动能更为强劲，两者分别贡献了2 5 . 1%和1 6 . 6%。不过前五大外贸大省在面对关税2 . 0的表现，出现了分化，山东和浙江可能抢出口诉求更 强，上海和广东略靠后。出口交货值视角也基本印证上述结论，当前上海在出口交货值增速上较为疲弱。 我国分省市对美出口整体呈现出东部集中、区域分化和产业集群支撑的三重特征。其中，广东和浙江等东部沿海省份是出口主力，山西和河南等 中部省份对美出口依赖偏高。同时结合商品结构层面，我国各省市对美出口贸易呈现商品出口中心度较高、总体依赖度不高且结构多元的特征。 第一，从出口中心度来看，机电设备、纺织鞋服和家具类是支撑出口的核心品类，不同省份在这些品类上的中心度高低差异明显。第二，从对美 出口依赖度来看，大部分省市总体依赖度不高，大部分省份在主要品类上的依赖度低于5%，另外，沿海地区整体呈现出产业链多元、出口商品 类别 ...

Core Viewpoint - The article discusses the resurgence of a trade war initiated by former President Trump, who has imposed significant tariffs on imports, particularly targeting China, which has led to volatility in global trade and significant impacts on various provinces in China [2][3][5][6]. Group 1: Tariff Imposition and Market Impact - On April 2, 2025, Trump signed an executive order imposing a minimum 10% tariff on all imports, with additional tariffs on over 60 countries, including a 34% tariff on China [5][6]. - Following the announcement, U.S. stock markets reacted negatively, with the S&P 500 and Nasdaq experiencing declines of 4.85% and 5.99%, respectively [2]. - By April 9, the tariffs on China escalated to 125%, indicating a rapidly changing trade environment [5][6]. Group 2: Export Dependency of Chinese Provinces - In 2024, China's total exports to the U.S. reached $524.7 billion, with significant contributions from provinces like Guangdong ($133.4 billion), Zhejiang ($88.8 billion), and Jiangsu ($83 billion), each holding a 16% share of their respective total exports [9][10][11]. - Zhejiang province has the highest dependency on U.S. exports at 7.0% of its GDP, followed closely by Guangdong at 6.7% [12][13]. - The article highlights that while Guangdong leads in total export volume, Zhejiang and Jiangsu have a similar share of exports to the U.S. [10][11]. Group 3: City-Level Analysis - At the city level, Shenzhen, Suzhou, and Shanghai are among the top exporters to the U.S., but cities like Jinhua and Xiamen have higher export dependency rates, indicating a need for closer monitoring [14]. - Jinhua's exports are heavily focused on light industrial goods, which are more susceptible to tariff impacts [14][26]. Group 4: Industry-Specific Impacts - The article identifies that machinery and electronics account for 40.4% of total exports to the U.S., followed by textiles and furniture, which are more vulnerable to tariff increases [22][23]. - The U.S. has targeted light industrial products for tariffs, suggesting that provinces with significant exports in these categories, like Zhejiang, will face greater challenges [24][26]. Group 5: Adaptation and Resilience - Despite the challenges posed by the trade war, provinces like Jiangsu and Zhejiang are actively implementing support policies for affected industries [15][16]. - The 137th Canton Fair, held in April 2025, reported a significant increase in international participation, indicating resilience in China's foreign trade sector [18]. Group 6: Long-term Economic Outlook - China's reliance on the U.S. market has decreased from 19.2% in 2018 to 14.7% in 2024, suggesting a shift towards diversifying trade partnerships [31]. - The trade war is expected to drive Chinese enterprises towards higher technological advancements and improvements in supply chain management [31].

美国推出新一轮的单边关税政策 1 2025年4月2日，在美国的"解放日"中，美国政府宣布了国家紧急状态并推出了覆盖所有美国贸易伙伴 的"互惠"(reciprocal)关税政策。而在此之前，已经有多项针对其主要贸易伙伴（如中国，加拿大、墨 西哥等）的关税政策出台，部分已经进入执行状态。 在2024年，美国的进出口逆差超过了1.2万亿美元 1 ，在此情况下这一次的关税体现了两个特点，第 一为覆盖范围广——覆盖所有贸易伙伴，即使美国的贸易顺差国家也被加以10%的关税，第二为有针 对性的差异化税率，美国的主要贸易逆差国家和地区被加征更高的关税。 | 2 | | --- | 美国与中国的关税博弈自2018年始， 特朗普开始第二任期后再次升级 本文选自科尔尼 2025 年 4 月 8 日刊发的行业通讯，现全文分享。 中美作为全球最大的两大经济体，2024年中美双边贸易额约6800亿美元，其中美国对中国出口约 1600亿美元，美国从中国进口约5200亿美元，贸易逆差约3600亿美元 2 。 其中中国主要出口机电产品、纺织鞋服、金属制品等，美国主要出口机械电子、农产品、能源等，因 此这些行业中的企业受关税影响较大。 美国政府 ...