'We don't care': A defiant China looks beyond Trump's America
Summary
Hu Tianqiang, who manages a toy shop in the world's largest wholesale market in Yiwu, China, states that the impact of tariffs placed by the US has led to shifting business focus away from America towards other nations. Despite the US-China trade war, the city of Yiwu remains an essential global trading hub.Key Facts
- Hu Tianqiang runs a toy shop in Yiwu, China.
- Yiwu is home to the world's biggest wholesale market, consisting of over 75,000 shops.
- Yiwu is located in Zhejiang province, a significant manufacturing and export area in China which accounted for 17% of all Chinese sales to the US last year.
- Last year, China exported $34 billion worth of toys, $10 billion of which went to the US.
- Chinese exports to America are now subject to tariffs as high as 245% due to the trade war initiated by President Donald Trump.
- Since the beginning of the trade war in 2018, many Chinese businesses, including Mr. Hu’s, have begun shifting their focus towards non-US markets. Mr. Hu says he mostly sells to South America and the Middle East now.
- Even though 20-30% of Hu's business once came from US buyers, he chooses not to target them anymore because of the tariffs.
- Many international buyers from Africa, Dubai and South America frequent the Yiwu market.
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