In particular, increase purchases of pork and soybeans.
3) With regard to financial services and currency, China has expanded the opening up of financial services institutions, including banks, and reached agreements on transparency and market freedom in the foreign exchange market.
4) In the area of intellectual property rights, China has strengthened the protection of intellectual property rights from the United States.
5) Progress has been made in the dispute settlement mechanism, but no specific details have been published.
In addition, Trump welcomed Chinese students to the United States and supported Chinese enterprises to invest in the United States.
However, the agreement does not solve the problems of many sanctioned enterprises and government agencies, such as Huawei, 25% and 15% tariffs have not been completely abolished, & ldquo; exchange rate manipulator & rdquo; still need to be formally assessed and determined by the U.S. Treasury in mid-and late October, only involving part of technology transfer, technology transfer still needs to be negotiated later. Therefore, the road of Sino-U.S. economic and trade negotiations is still long.
Progress has been made in Sino-US trade negotiations, but the textile industry is still unable to relax its vigilance.
On September 1, this year, the US began to impose tariffs on 110 billion US dollars of goods, with a 15% tax rate; the remaining 160 billion US dollars of goods will be taxed on December 15. On September 12, Trump said on a social platform that the United States would postpone imposing tariffs on Chinese goods worth $250 billion (including $34 billion, $16 billion, and $200 billion) from October 1 to October 15, raising the tariff rate from 25% to 30%. Although the 13th round of recent high-level economic and trade consultation between China and the United States reached consensus on some trade issues, we still cannot relax our vigilance.
The negative impact of trade frictions between China and the United States on financial markets and the drag on global economic growth have become increasingly evident. According to International Monetary Fund estimates, the trade war is having a serious impact on the world economy and will drag down the world economy by 0.8 percentage points by 2020, according to the new President of the International Monetary Fund, Georgieva.
It is understood that the 34 billion and 16 billion U.S. tariff lists hardly cover textiles and clothing. The 200 billion list covers most textiles, and the 300 billion list covers all clothing and a small number of textiles. The list of 200 billion and 300 billion yuan covers almost all textiles and apparel exported to the United States in a complementary form, with a total value of about 45 billion dollars.
Of China's textile and apparel exports, 18% are exported to the United States. In 2018, China's textile and apparel exports totaled 276.7 billion US dollars, an increase of 3.7% over the same period last year. Textiles amounted to $119.1 billion, an increase of 8.1% over the same period last year. Clothing was $157.6 billion, an increase of 0.3% over the same period last year. From January to August 2019, China's textile and apparel exports totaled 177.4 billion US dollars, a decrease of 2.2% compared with the same period last year. China is the largest exporter of textiles and apparel in the world. At the same time, textiles and apparel are also an important part of China's trade exports. In 2018, China's textile and garment exports accounted for 11.2% of China's total exports, accounting for about 36% of the global textile and garment trade. China's textile and apparel exports reached a high in 2014, and then began to decline. The reason for the decline is that the textile and apparel industry of low-cost countries such as Southeast Asia has developed rapidly and occupied the export share of China. The escalation of trade frictions between China and the United States has led to the transfer of some orders to Southeast Asian countries such as Vietnam.
In 2018, China's textile and apparel exports to the United States totaled 48.96 billion US dollars, an increase of 7.9% over the same period last year. In the first three quarters of 2019, in the face of frequent economic and trade frictions and uncertainties between China and the United States, China's textile and apparel exports performed smoothly as a whole, without major ups and downs. According to the statistics of Chinese Customs, the cumulative export volume of RMB is 138.98 billion yuan, which has achieved a small growth of 2.4%. Among them, textile exports are 609.37 billion yuan, an increase of 5.3%, and garment exports are 772.61 billion yuan, an increase of 0.3%. In dollar terms, exports totaled $2019.5 billion, down 2.7% year-on-year due to the exchange rate gap, which was lower than expected. Among them, textile exports dropped by 0.1% to 89.16 billion US dollars, while apparel exports dropped by 4.7% to 112.79 billion US dollars.
According to the statistics of China's textile and apparel import and export market from January to December 2018, China's top five export markets are the United States (18%), Japan (8%), Vietnam (6%), Hong Kong (4%) and Russia (3%). In 2018, China's exports of textiles and clothing to the United States increased by 7.9% year on year. At the same time, China's exports to Vietnam amounted to 15.92 billion US dollars, an increase of 21% over the same period last year.
Since 2018, China's monthly total export of textiles and clothing has not changed much. Seasonally, the monthly export volume of textiles and apparel has been little affected so far.
The trade frictions on PTA and ethylene glycol mainly affect the downstream textiles and clothing. In PX, PTA, ethylene glycol and polyester links, the volume of trade between China and the United States is very small and can be ignored.
Generally speaking, the situation of Sino-US trade in the late period is not optimistic. The list of tax increases covers almost all textiles and clothing exported by China to the United States. In the first half of this year, the total volume of textile and apparel exports to the United States fell by 1.6% compared with the same period last year. After September, the volume of apparel exports to the United States is expected to shrink further with the introduction of tariffs on apparel.
Summary
Ending the trade war means abolishing all the tariffs imposed, which is a hard target. At present, Sino-US trade frictions are only gradually eased rather than ended. Even if some agreements are signed, it does not mean that the Sino-US trade frictions can be solved once and for all. There are still uncertainties in the future, and Chinese enterprises should take a calm view of the current progress.
