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Around 10 million to 20 million workers in China are involved with U.S.-bound export businesses. The official number of workers in China’s cities last year was 473.45 million.
Over a series of swift announcements this month, the U.S. imposed more than 100% in tariffs to Chinese goods, and the impact of doubling in tariffs is way bigger than that of the Covid-19 pandemic. Chinese manufacturers are pausing production and turning to new markets as the impact of U.S. tariffs sets in, also lost orders are also hitting jobs heavily.
Some factories that are making toys, sporting goods and low-cost Dollar Store-type goods are the most affected right now, which have told half of their employees to go home for a few weeks and stopped most of their production.
It is happening in the key export hubs of Yiwu and Dongguan and there is concern that it will grow. There is a hope that tariffs will be lowered so orders can resume, but in the meantime companies are furloughing employees and idling some production.
For small businesses with only several million dollars in resources, the abrupt increase in tariffs might be unbearable and could put them out of business.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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