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Delayed tax increase! Tire companies are relieved
2019-03-11

On February 24, 2019, the seventh round of China-US high-level economic and trade consultations ended. The consultations made substantial progress on specific issues concerning technology transfer, intellectual property protection, and non-tariff barriers. US President Trump said on Twitter on the 24th that the United States will postpone the measures to impose tariffs on Chinese products on March 1. At a subsequent press conference, Trump said that if everything goes well, things will make a breakthrough in the next one to two weeks.

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Prior to this, Trump revealed the intention of easing the Sino-US trade war. Since January this year, four consultations have been held within two months, from the officially announced "important progress" to the "substantial progress". It fully reflects the importance attached by China and the United States to economic and trade consultations. It also looks forward to the meeting between Chinese and American leaders in the near future to witness the historic moment of Sino-US economic and trade relations.

 

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According to the consensus reached by President Xi and US President Trump in December last year, if the United States and China fail to reach an agreement at midnight on March 1, the United States will raise the punitive tariff on Chinese goods by 200 billion US dollars, from 10% to 25 %. These include new pneumatic tires used on aircraft, rubber pneumatic tires used on aircraft, and refurbished rubber pneumatic tires.


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Obviously, the tires are in the hardest hit area of tax increase. Once the 25% tariff is imposed, it will undoubtedly cause a serious blow to China’s tire exports, especially the export of truck and bus tires. It is understood that the US trucks and buses are heavily dependent on Chinese imports. In response to the 25% tariff increase, many US trailer manufacturers have urgently replenished goods from China. The announcement of the postponement measures is also a sign of the easing of Sino-US relations. In order to achieve positive results before March 1, since January this year, the Sino-US economic and trade team has launched intensive economic and trade consultations.


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The seventh round of China-US high-level economic and trade consultations, which began on February 21, has ended. China has repeatedly expressed its position that Sino-US economic and trade cooperation is mutually beneficial and win-win. Sino-US economic and trade relations are not only important to China and the United States, but also very important to the development of the global economy and trade. China and the United States and the two interests, fighting is hurt. Both sides have a positive desire to implement the important consensus reached by the leaders of the two countries and promote relevant consultations.


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For the tire companies, the US market is still very important. The United States is still China's largest tire exporter. Therefore, the game between China and the United States still affects many tire companies. It is hoped that China and the United States will finally be able to peacefully handle economic and trade frictions and bring the international market back to a calm.


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