Yiwu businesses expand global reach, innovate products to offset impact of US tariffs

Merchants at the Yiwu International Trade Market, the world's largest wholesale hub for small commodities, in east China's Zhejiang Province, are ramping up product innovation and tapping into international markets in an effort to offset the impact of U.S. tariffs.

Despite the U.S. government's recent tariff increases on imports from China and other trade partners, business remains brisk at the Yiwu International Trade Market.

In the first quarter of this year, Yiwu's total import and export value reached 167.45 billion yuan (about 23 billion U.S. dollars), an increase of 13 percent year on year, with trade links spanning over 230 countries and regions. Among this, exports amounted to 147.27 billion yuan, up by 14.5 percent year on year.

To enhance competitiveness, many merchants there have changed the designs, materials, styles and varieties of their products to better meet the diverse needs of global customers.

"This [Santa Claus product] is mainly developed for countries in the Southern Hemisphere. It features short sleeves and beach shorts, which suit what customers there typically wear during that period of time. We've already sold around 70,000 to 80,000 units of this type of products," said Gong Yongqiang, a merchant.

Meanwhile, Yiwu has seen a surge in orders from South American markets, bolstered by China's implementation of a 240-hour visa-free transit policy at the end of last year.

"Orders from South American countries, such as Colombia, Peru, Brazil, and Argentina, have increased. Right now, our shipments are scheduled through to mid-August," said Gong.

Moreover, companies in Yiwu have actively adjusted their strategies to expand their presence in emerging markets, such as ASEAN, Central and Eastern Europe, and Latin America, by holding overseas exhibitions, setting up cross-border e-commerce platforms, and establishing warehouses abroad.

Yiwu businesses expand global reach, innovate products to offset impact of US tariffs

Yiwu businesses expand global reach, innovate products to offset impact of US tariffs

A proposed bill on the management of the Strait of Hormuz has entered the review stage at Iran's Supreme National Security Council and will be submitted to parliament for debate and voting after final conclusions are reached, Iran's semi-official Mehr News Agency reported on Wednesday.

No details about the bill's contents were disclosed.

According to the report, work on the legislation has been underway for some time. In addition to the parliamentary review process, several specialized parliamentary committees have participated in studying and assessing the proposal, including the National Security and Foreign Policy Committee, the Construction Committee, and the Councils and Internal Affairs Committee.

The report said the committees and several lawmakers had previously submitted separate proposals and drafts. Following a process of coordination and consolidation, a unified text has been prepared and is awaiting further review.

Iran moves forward with review of Strait of Hormuz management legislation: media