The impact of the tariff war is also felt on the Sanyuanli market in Beijing, which sells imported goods and is aimed at expatriates.
The owner of the Peng Binglan store said she would be forced to stop selling American flour imported into her shop, because his supplier did not reconstruct the stock.
“If things continue like that, many people, including us, will not be able to stay. We will simply not be able to continue working,” said Peng, who has been working on the market for 18 years.
Diversify other markets
The Chinese economy was already struggling with a multitude of structural challenges before the price shock.
While the country achieved its 2024 growth targetWith the economy that developed by 5%, consumers hesitated to pass in the middle of an extended housing crisis And growing unemployment.
Recruited United States’s rates also hit Chinese exporters hardly, forcing them to diversify to other markets to mitigate the impact.
“Europe and Japan are the savings that are significant – sufficiently large, sufficiently considerable to absorb excessive exports of consumer goods from China,” said Yue SU, China's main economist in the Economy Intelligence Unit.
Yue said that China must consider improving links with these two savings to increase their imports from Chinese products.
Chinese President Xi Jinping seemed to extend a branch of olive tree to Europe when he welcomed the Spanish Prime Minister Pedro Sanchez in Beijing on April 11.
XI underlines The fact that China and the European Union are against “tariff intimidation”, while calling on the West to support multilateralism and open cooperation.
China is also eager to strengthen economic relations with South Korea and Japan, the state media speaking of trilateral commercial links after a high -level meeting in Seoul in March.
