As the Trump administration's tariff war hurts Chinese exports, a shoemaker in east China's Zhejiang province is adjusting its market strategy swiftly, shifting to other global markets to offset trade turmoil and challenges.
Zhang Wenjie, the founder of the shoe-making company based in Zhejiang's Wenzhou, revealed that he resolutely declined recently a U.S. client who exploited market conditions and asked for his products at half the price.
Zhang started his company in 1993 and now produces 10 million pairs of shoes annually with over 2,500 employees. Seventy percent of Zhang's business has been for export, with the U.S. as a traditional key market.
In recent years, the company has diversified to new markets, and the latest U.S. tariff hikes are pushing him to do more.
"Our orders from the U.S. have dropped by more than 30 percent, which will undoubtedly have an impact, but I believe this impact will be short-lived," Zhang said. "Just like in recent days, we've received substantial orders from Portugal and Spain."
The order from Portugal, worth over 20 million yuan (over 2.7 million U.S. dollars), helped buffer the blow to his operations and gave him new encouragement.
"We've established subsidiaries in Dubai and Russia. We are expanding into markets in Australia and Southeast Asia. It is an essentially part of our global strategy," Zhang explained.
Zhang and his team are preparing for the third phase of the 137th Canton Fair from May 1 to 5, where they hope to secure new orders and continue penetrating international markets.
Chinese shoemaker seeks foothold in alternative markets amid US tariffs
Cuban Foreign Minister Bruno Rodriguez Parrilla on Monday hit out at the United States' selfishness and irresponsibility for waging a global tariff war and going down the paths of unilateralism, protectionism and economic bullying.
Rodriguez sat for an exclusive interview with China Central Television (CCTV) prior to Tuesday's fourth ministerial meeting of the China-CELAC (Community of Latin American and Caribbean States) Forum in Beijing.
"First of all, the U.S. government's global tariff war is selfish and irresponsible," he said.
Rodriguez said China's firm support from multilateralism has won wide support and trust.
"A multipolar world represented by the BRICS mechanism is emerging. China is a founding country and an important member of the BRICS mechanism. It is obvious that the United States cannot force China to accept its unilateral and irresponsible decision. China's stance has won the admiration of people all over the world and the support and trust of governments including Latin American countries, and brought hope to the people," he said.
The foreign minister praised China's active and decisive role in global security and economy.
"China not only serves as a decisive factor in maintaining international peace and security and balancing the international situation, but also plays a decisive role in boosting global economic growth. The U.S. government's tariff extortion was hit back by China's firm policy stance and solid economic strength. I think it (the tariff war) has triggered a crisis, but this crisis also provides an opportunity for the Global South to develop independently, and also provides a chance for the Chinese economy to demonstrate its strength," he said.
Cuban FM slams US-launched global tariff war
