The Ministry of Commerce will ramp up support for foreign trade enterprises pivoting to the domestic market, aiming to channel more high-quality trade goods into households, a spokesman said on Thursday.
He Yadong, the spokesman, said that the "Premium Exports Homebound," a nationwide program supported by the Ministry to promote the integration of domestic and foreign trade, has already drawn over 80 major retailers, e-commerce platforms, and wholesalers during stops in Guangdong and Jiangsu provinces.
A government-backed touring procurement delegation secured deals in Jiangsu, including a coffee mug from an export-focused manufacturer that became an instant bestseller.
"Through procurement activities, on the one hand, foreign trade enterprises have broadened new sales channels; on the other hand, the purchasing enterprises have also found good sources of goods. For example, during the Jiangsu stop, a foreign trade enterprise brought along a coffee mug, which became a hot-selling item at the exhibition," he said.
There will be more stops for the Premium Exports Homebound event respectively in provinces of Fujian, Hubei and Hunan, He added.
The Commerce Ministry will continue to strengthen the power of the touring procurement delegation, go deep into major foreign trade and consumption provinces, and hold special match-making events, the spokesman said.
The "Premium Exports Homebound" was officially launched on April 13 in Haikou, provincial capital of south China's Hainan Province.
This move responds to recent U.S. tariffs, which the Ministry condemned as "bullying" and a threat to global stability". By leveraging China's vast domestic market, the initiative aims to mitigate export risks and foster dual-circulation growth.
Commerce Ministry pledges further support for exporters exploring domestic market
Shipments from China to the United States have surged since the two countries announced tariff cuts, driving up freight shipping costs for U.S. companies who are rushing to replenish inventories in the 90-day window and prepare for an uncertain future.
Among them is Stonemaier Games, a U.S. tabletop game publisher which has been producing games in China and selling them in the domestic market over the past 13 years.
Jamey Stegmaier, founder and president of the company, told China Central Television that they are trying to ship products out of China as quickly as possible, but the surging demand in freight shipping has made it much harder.
U.S. bookings for container shipments from China to the U.S. had surged by nearly 300 percent as of Wednesday, which has driven up freight shipping prices, according to data from container-tracking software provider Vizion.
"The challenge we are facing now is that a lot of other companies are doing the same thing. So, we are facing shipping delays, port congestions and higher freight shipping costs as a result. I don't have exact numbers on how much the prices will increase. Usually, freight shipping costs are locked in for about a month. So, on June 1, we anticipate seeing those prices go up significantly. And for any shipments that leave China for us in late June, there is the risk that they won't even arrive within the 90-day window. 90 days will fly by," Stegmaier said.
Stegmaier said his company is planning on their winter holiday production run, but it will be much more modest than usual as they don't know how much the tariffs will be at that time.
"The current challenge that we're facing is largely one of uncertainty. I don't even know if the 90-day tariff reprieve will hold. I don't know what will happen after that. So, we are planning for a very uncertain future. And that's the biggest impact, I would say, both on the production side and the inventory that we plan on bringing and holding here in the U.S. at our warehouses," he said.
Questioning the ability of the current U.S. government to build partnerships with other countries, Stegmaier expressed hope that his country will improve its economic ties with other countries and create a more stable business environment.
"So, I'm hopeful for what the future brings in stronger ties between the U.S. and China and any other country. I'm worried the current administration in the U.S. isn't well-equipped to handle that sort of strong, healthy relationship. But I'm hopeful that relationship will improve," he said.
Following a two-day China-U.S. high-level meeting on economic and trade affairs in Geneva, the world's two largest economies announced in a joint statement on Monday a series of measures, tariff modification measures, aimed at easing trade tensions, which took effect on Wednesday.
According to the statement, the United States will place a 90-day pause on 24 percentage points of the additional ad valorem rate of duty on articles of China, while retaining the remaining rate of 10 percent on those articles. It will also remove the additional tariff rates on imports from China announced on April 8 and 9 respectively.
China will suspend 24 percentage points of the additional ad valorem rate of duty on articles of the United States for an initial period of 90 days, while retaining the remaining additional ad valorem rate of 10 percent on those articles. It will remove the modified additional ad valorem rates of duty on those articles imposed by the No. 5 and No. 6 announcements issued by the Customs Tariff Commission of the State Council on April 9 and 11, respectively.
U.S. businesses rush to ship products out of China following tariff cuts
