Close Menu
USTaxNews.live – Your Trusted Source for U.S. Tax & Finance Updates
  • Home
  • Audit
  • Finance
  • IRS
  • Legal
  • Tax News
  • Tax preparation
  • Tax Tips
  • USA Accounting
What's Hot

Elon Musk Says Trump’s Tariffs Will Cause a Recession Later This Year

June 6, 2025

Tax Fraud Blotter: Prep perps

June 5, 2025

Consider This from NPR : NPR

June 5, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated

Facebook X (Twitter) Instagram
USTaxNews.live – Your Trusted Source for U.S. Tax & Finance Updates
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
  • Home
  • Audit
  • Finance
  • IRS
  • Legal
  • Tax News
  • Tax preparation
  • Tax Tips
  • USA Accounting
USTaxNews.live – Your Trusted Source for U.S. Tax & Finance Updates
Home » Are Trump’s tariffs just punishing China for being good at what it does?
Tax News

Are Trump’s tariffs just punishing China for being good at what it does?

EditorBy EditorMay 2, 2025No Comments5 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link


Guangzhou, China — The annual Canton Fair in Guangzhou is China‘s largest import-export trade show. It covers a space equal to about 200 football fields and has been running since 1957 — when China’s economy was isolated from the rest of the world. The country’s leaders decided the expo, since formally named the China Import and Export Fair, was the best way to overcome trade obstacles imposed by the West and to drum up business investment and interest from overseas markets.

In the almost seven decades since, China has transformed into the world’s manufacturing powerhouse. But President Xi Jinping’s government believes the U.S. is once again working to isolate China, through President Trump’s tariff trade war, and that Washington will try to force other countries — and their consumers — to pick a side.

Richard Qiu told CBS News it’s simply unfair. Wearing a pale blue Ralph Lauren shirt, the businessman invited CBS News to sit down in his display booth at the Canton Fair for a chat. Surrounded by thousands of small fabric gift bags designed for everything from Christmas to Easter to birthdays, the fact that Qiu even quickly agreed to an interview was disarming; Every other Chinese businessperson we approached turned our camera away, wary of speaking with foreign media.

His openness and warmth indicated a sense of ease with Westerners, and more importantly, his desire to tell his story about how external forces, completely out of his control, were affecting him and his livelihood.

Qiu’s Liaoning Perfect Import/Export Co. Ltd has been making gift bags for 20 years, and he has fostered strong relationships with his U.S. customers, who, in recent years, have made up 30-40% of his exports. He’s traveled to the U.S. at least six times and says he loves the country: “It’s about freedom, democracy, it’s open and fair.”

“But this isn’t fair,” he said of the trade war sparked by President Trump’s steep tariffs. “It makes me feel sick about the U.S. now.”

2nd Phase Of 137th Canton Fair Draws Over 220,000 Overseas Buyers

An overseas buyer visits the gifts and premium area of the second phase of the 137th Canton Fair, April 27, 2025, in Guangzhou, Guangdong Province, China.

Chen Jimin/China News Service/VCG/Getty


Mr. Trump insists his tariffs will, despite current economic pain in the U.S., bring manufacturing back to America and buoy the economy, reshaping the global trade system. But Qiu said it’s about something else. He believes President Trump is punishing China for being the best at producing everyday products at affordable prices, and using that prowess to dominate the global market.

“Our people are industrious, diligent, working hard to make the products good price, good quality, to sell all over the world. It’s not our problem,” he said. “I think it’s your problem.”

Since Mr. Trump imposed 145% tariffs on all Chinese imports — though the White House later exempted smartphones and some other electronics from the levies — Qiu says his U.S. sales have ground to a halt.

“U.S. buyers said, ‘Richard you have to stop production; we have to cancel it.’ I think 90% of my U.S. orders will be canceled.”

For years, the Canton Fair has been packed with American buyers looking to bring their customers back at home the best possible deals on offer. But this year, officials admitted to CBS News that the numbers are way down — another sign of President Trump’s trade war taking hold.

One American we did come across perusing the stalls in Guangzhou wasn’t there to buy, but rather to research new products.

“Tariffs are going to come down at some point and we need to be ready for it,” Jonathan Scheerz who lives in Michigan, where he runs a homewares business, told CBS News. He said he got a lot of orders in for products from China before Mr. Trump’s inauguration, because he was anticipating a trade war — but not like this.

“I don’t want to bring them in at the current tariff rate,” he lamented. “It just doesn’t work. It’s too high, but I also don’t believe it’s going to last months and months.”

The optimism is based on his belief that no one does it better than China when it comes to offering so many different products at such low prices.

“In my eyes, China produces what you want,” Scheerz said. “Simple as that.”

But if the trade war does drag on, many business owners who spoke with CBS News off camera said they were prepared to take the pain.

Qiu knows tough days are ahead. He’s looking to diversify his export portfolio in Europe, but there’s only so much the market can absorb, so it’s uncertain times.

“It’s like a war, I think. Under a war, the most suffering is the people, no matter if it’s the U.S. or China,” he told CBS News.

Qiu added, however, that over the course of China’s history, the country has endured real hardship and pain, and he believes the Chinese people have the strength and fortitude to do it again.

“If we do something unfair, I will not support the government, but it’s your government — the U.S. government that’s put unfair things on us, so we say, ‘okay, we fight.'”  

More

Anna Coren

headshot-600-anna-coren.jpg

Anna Coren, CBS News foreign correspondent based in Hong Kong, is an Emmy Award-winning international correspondent who covers the Asia-Pacific region.



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Editor
  • Website

Related Posts

House Majority Whip Tom Emmer claims budget bill will “increase wages” for workers

June 5, 2025

Rep. Ro Khanna says he’s “glad” Elon Musk is “speaking up” about budget bill

June 4, 2025

House Budget chair says Musk “absolutely wrong” to call Trump bill “disgusting abomination”

June 3, 2025
Leave A Reply Cancel Reply

News
Finance

Walmart to expand drone deliveries to three more states

Walmart is bringing drone deliveries to three more states.On Thursday, the big-box retailer said it…

Lululemon beats on Q1 2025 earnings, cuts outlook

June 5, 2025

Here are the companies making job cuts

June 5, 2025
Top Trending
IRS

The pope took a vow of poverty. He may still need to file US taxes.

Premium Membership Required

You must be a Premium member to access this content.

Join Now

Already a member? Log in here
IRS

What do tax returns look like so far in the 2025 filing season?

Premium Membership Required

You must be a Premium member to access this content.

Join Now

Already a member? Log in here
IRS

IRS and Treasury Department under Trump working toward greater efficiency

Premium Membership Required

You must be a Premium member to access this content.

Join Now

Already a member? Log in here

Subscribe to News

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated

Welcome to USTaxNews.live – Your Trusted Source for U.S. Tax, Accounting, and Financial News.

At USTaxNews.live, we’re committed to delivering accurate, timely, and practical information on everything related to U.S. taxes, IRS updates, legal issues, accounting practices, and the broader financial landscape. Whether you’re a taxpayer, accountant, legal professional, or business owner, we’re here to help you stay informed and ahead of change.

Our Picks

House Majority Whip Tom Emmer claims budget bill will “increase wages” for workers

June 5, 2025

Rep. Ro Khanna says he’s “glad” Elon Musk is “speaking up” about budget bill

June 4, 2025

House Budget chair says Musk “absolutely wrong” to call Trump bill “disgusting abomination”

June 3, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated

  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
© 2025 ustaxnews. Designed by ustaxnews.

Type above and press Enter to search. Press Esc to cancel.