Tariffs impact U.S. apparel companies, consumers: expert
Customers choosing sneakers sold in Stadium Goods | REUTERS
U.S. tariffs on imports from China will not only impact companies but also the consumers said an expert in an interview with China Global Television Network in Beijing on Tuesday.
Sara Hsu is an associate professor of economics at the State University of New York at New Paltz. She said it was not clear what percentage of the tariffs the companies would pass on to the consumers but it would definitely impact the consumers.
“It’s definitely going to impact the consumers in terms of higher cost as well as the companies. So there might be a split in terms of the company taking part of the hit and passing part of cost on to the consumers as well. And starting from January 1, the tariffs will go from 10 percent to 25 percent. So that’s a really significant increase,” said Sara.
China is the largest supplier of textiles and apparel to the U.S. market, accounting for about 40 percent of American imports in the sector, according to the statistics of the United States Fashion Industry Association (USFIA).
The industry relies on sourcing from China to provide American consumers with affordable and varied choices. But the tariffs will impact the multinational companies in the U.S. in the industry, said Sara.
“A lot of the American multinational firms are producing their goods overseas. So that’s why the tariffs on exports from China are going to impact the American multinational companies. And these multinational companies would like to move to a different place, especially given the tariffs that just kicked in. But it’s really hard for them to do,” said Sara.
She added that there would be a high cost for the companies to move and set up shops in other countries with a level of development and have low wages.
It can take up to five years to move from China to another country, Sara said. The situation hasn’t happened yet, but a lot of companies are not reassuring to the U.S. instead of relying on automation in order to produce their products because American labor costs so high. — Reuters
Philippines gets another 3M doses of Sinovac vaccines
MANILA, Philippines — Another three million doses of CoronaVac from China arrived in the Philippines on Sunday (September 19) bringing the total number of COVID-19 vaccines delivered to the country to 62,359,810 since February.
NTF chief implementer and vaccine czar Carlito Galvez, Jr. and Police Major Marvin Oloab witnessed the arrival of the vaccines at the Ninoy Aquino International Airport (NAIA) past 6:00 p.m. via a commercial Philippine Airlines flight.
Galvez said the newest vaccine shipment will be distributed to Regions 3, 4-A, 7, 11 and the National Capital Region (NCR).
Galvez admitted that the national government is facing challenges in vaccinating the senior citizens due to the surge in COVID-19 cases.
“Talagang ayaw lumabas ng mga matatanda para magpabakuna dahil takot pa rin ngayon dahil tumaas ang kaso,” he said.
“Palagay ko, kapag bumaba na ang kaso natin later on [at] iyong mga nabakunahan na mga senior [ay] lumabas na, palagay ko, magkakaroon ng incentives for all our seniors to go out,” Galvez added.
PPA warns of delays in cargo shipments as China ports partially close due to COVID-19
MANILA, Philippines — The Philippine Ports Authority (PPA) has warned Philippine-based importers and exporters to make the necessary operational adjustments as several ports in China will partially close due to COVID-19.
On Wednesday (August 18), the PPA said early preparation is key to reduce the negative impact of the delays in their overall daily operations.
The PPA reported that several ports including Ningbo Port, the world’s third-largest container port, continue to shut their terminals for the 7th straight day due to the virus, particularly the Delta variant.
“We need to prepare. Eventually, the delays in cargo shipments will catch up with us due to the congestion being experienced in these transshipment ports,” PPA General Manager Jay Daniel R. Santiago said.
The Philippine major port gateways, meanwhile, are currently operating under optimum conditions and way below the threshold level of utilization set at 75%.
The PPA also assured that the Manila International Container Terminal and the Manila South Harbor, which handle 85% of the country’s foreign trade volume, are operating under normal conditions.
“PPA assures the shippers that Philippine ports, can handle the bulk of the delayed shipments when conditions at the transshipment ports start to normalize,” Santiago said. –AAC
PH receives additional 1M Sinovac COVID-19 vaccine shots
MANILA, Philippines – The Philippines on Friday received another batch of COVID-19 vaccines made by Chinese firm Sinovac Biotech, the National Task Force (NTF) against COVID-19 said.
The shipment containing 1 million doses arrived at the Ninoy Aquino International Airport at past 7:30 a.m. via a Cebu Pacific flight.
Health Secretary Francisco Duque III and representatives from the NTF welcomed the arrival of the new vaccine supply.
Duque said 60 to 70 percent of this shipment will be deployed to the NCR Plus, while the rest will be dispatched to cities tagged as high risk areas.
The latest batch was part of the 26 million COVID-19 vaccine doses, called CoronaVac, purchased by the Philippine government.
This brings to 19.5 million the total number of Sinovac vaccines delivered to the country so far, including the 1 million doses donated by the government of China.
As of July 30, the Philippines has received a total of 33,860,700 doses of COVID-19 vaccines from six different manufacturers.