Plastic manufacturers in east China innovate to tackle U.S. tariff pressures

Plastic manufacturers in Taizhou City, a key manufacturing hub in east China, are bouncing back by exploring emerging markets, innovating with intellectual property-driven products, and boosting domestic sales amid challenges from U.S. "reciprocal" tariffs.

Yu Feilong, general manager of Taizhou Teamyouth Arts and Crafts Company, leads a business producing over 10,000 types of Christmas ornaments, with nearly half previously exported to American markets. The tariffs introduced under Donald Trump's administration have caused unprecedented financial and logistical pressures, making it the toughest time in the company's 35-year history.

"The reciprocal tariffs have caused unprecedented pressure on us in the warehouse and in finance. It has been the toughest time since our company was founded 35 years ago," said Yu.

When tariffs soared to 124 percent in April, the company's orders ceased, forcing them to overstock finished goods. With over 13,000 Taizhou enterprises impacted, entrepreneurs like Yu are seeking innovative strategies to minimize losses.

"First, we expanded into more international markets. Customers from South America, Africa, and Southeast Asia visited us at the Canton Fair recently. Second, we innovated with products with intellectual property rights in advance since we were also affected by Trump's first administration. Third, we also sold our products to domestic purchasers," he said.

At the same time, the China Council for the Promotion of International Trade (CCPIT) Zhejiang Provincial Committee has stepped in to support local enterprises by refining international trade guidance, connecting businesses with overseas legal resources, and promoting foreign-related commercial mediation.

"Through the 'Overseas Liaison Network', which includes 58 overseas liaison offices and 188 foreign friendly chambers of commerce, enterprises can directly connect with overseas legal resources. Enterprises can access foreign-related commercial legal services via 45 hot-lines at any time through the 'Grassroots Collaboration Network'. The first-ever 'Foreign-Related Commercial Mediation Promotion Month' will be held on May 8," said Li Chunhua, deputy director, Commercial Legal Service Center, CCPIT Zhejiang Provincial Committee.

The CCPIT Zhejiang Provincial Committee advises enterprises to revise their international trade contracts, steering clear of Delivered Duty Paid terms. Additionally, they encourage businesses to leverage the advantages provided by China's 23 Free Trade Agreements spanning 30 countries and regions.

Plastic manufacturers in east China innovate to tackle U.S. tariff pressures

Iran is not only ready for talks with the U.S. on the basis of mutual respect, but also fully prepared for war, said Iranian Foreign Minister Seyed Abbas Araghchi on Monday.

Araghchi accused the U.S. and Israel of playing a direct role in recent unrest across Iran. He said the Iranian government has obtained evidence showing that the recent disturbances, including attacking police stations and burning public facilities, were carried out by "terrorists" backed by the U.S. and Israel.

The Iranian government announced a three-day nationwide mourning period from Monday to honor police officers, security personnel, and civilians killed during the disturbances.

According to Iran's semi-official Tasnim news agency, at least 111 members of Iran's security forces have been killed in the unrest over the past two weeks. Iranian authorities have not released official casualty figures for protesters.

At midday on Monday, Iranians remained largely without internet access, according to on-the-ground reporting by a China Media Group (CM) journalist, who also said domestic phone services have not been disrupted in Iran over the past 24 hours.

Security has been reinforced across Tehran, with police increasing patrols in key locations and blocks.

Despite heightened security measures, traffic conditions in Tehran were reported to be normal.

Iran ready for talks with US based on mutual respect: FM