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New tariffs on US imports worth $75bn - China World Cotton Day

Further intensifying the trade war, China has announced new tariffs on US imports worth $75 billion in
retaliation for Washington's planned tariff hikes.
According to China state council tariff office, starting September 01 and December 15, 2019, the punitive A global celebration of cotton and its
tariffs of 5-10pc will apply to 5,078 items from the US. They further announced an imposition of 25pc and
5pc tariff on US autos and auto parts respectively. stakeholders, from field to fabric and beyond
The trade war is growing fears of recession in the US with the tariffs weighing on global trade and both
countries' growth. US President Donald Trump has imposed steep tariffs on $250 billion in Chinese goods,
with a further $300 billion in imports targeted for new duties in two more rounds, September 1 and
December 15.

Meanwhile, China has hit back with duties on around $110 billion of US goods — or nearly all of the $120
billion worth of American goods it imported last year. Some of those goods will now likely have their tariff
rates raised even further.

China's State Council Tariff Commission Office said in a statement, “The tariff hikes by the US have led to
the continuous escalation of China-US economic and trade frictions, violating the consensus reached by
the two heads of state in Argentina and the consensus reached in Osaka. China's adoption of punitive
tariff measures is forced under the pressure of US unilateralism and trade protectionism.”

EVFTA opportunity for Vietnam garment

textile exports to grow by leaps and bounds

WTO is hosting the launch of World Cotton Day on Thematic sessions will be organized by partner
As the European Union (EU) – Vietnam Free Trade "Vietnam could be exporting as much as $40 billion October 7, 2019 at the initiative of the Cotton-4 organizations, with the participation of academics,
Agreement (EVFTA) has been signed, VITAS worth a year to the EU. The potential figure is $100 (Benin, Burkina Faso, Chad and Mali). This event private sector representatives, NGOs and national
(Vietnam Textile and Apparel Association) recently billion." stems from the Cotton-4's official application for the cotton associations to exchange views on selected
announced that this year exports are likely to recognition of a World Cotton Day by the United topics. The thematic sessions will cover: Trade, Value
increase to $40 billion. However, apart from meeting rules of origin and Nations General Assembly, reflecting the importance addition, Sustainability, Technology and innovation,
standards on quality, firms must comply with of cotton as a global commodity. The WTO Secretar- Market outlook, Cotton exhibition and booths.
The country’s minister of industry and trade said commitment to social responsibility, which includes iat is organizing the event in collaboration with FAO,
that due to the EVFTA, footwear and apparel attention to environmental safety and information UNCTAD, ITC and ICAC. A fashion event will take place to display cotton
goods exporters will have a good chance of transparency related to labor and production fashion and designers from different parts of the
growth in the European market. environment. This has forced many Vietnamese The purpose is to give exposure and recognition to world. Also, a photo contest is intended to encour-
firms to go green in their production. cotton and all its stakeholders in production, trans- age photographers around the world to communi-
On June 30, the EVFTA was signed in Hanoi. formation and trade, engage donors and beneficiar- cate strong and positive messages underlining the
According to Vietnamese media, the ministry According to VITAS chairman, Mr Vu Duc Giang, ies and strengthen development assistance for importance of the cotton value chain.
asked exporters who want to expand their market As over 60pc of production material for the cotton, seek new collaborations with the private
share in the EU to comply with its regulations, garment-textile, leather-footwear, plastic, food and sector and investors for the cotton-related industries In addition to the launch at the WTO, World Cotton
particularly those on product origin and food safety. other sectors are imported, in the long-term, the and production in developing countries and promote Day will be celebrated in different countries across
shortage of supplies could turn into a hurdle for technological advances, as well as further research the globe, with various events giving visibility to
Mr Truong Van Cam, vice chairman of the Vietnam Vietnam to take advantage of tariff policy of the and development on cotton. producers, processors and businesses.
Textile and Apparel Association (VITAS) said, FTAs it has signed.

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