China reveals new 9-point plan to Trump-proof exports that may see up to 60% higher taxes

China on Thursday (November 21) unveiled new policies to support its export sector as it braces for potential tariff increases by US President-elect Donald Trump, who has threatened to raise duties on Chinese goods by 60 per cent.

The measures, outlined in a notice from China’s Commerce Ministry, aim to help exporters navigate “unreasonable foreign trade restrictions” and foster a “good external environment for exports.”

The announcement comes amid concerns in Beijing over the impact of Trump’s trade policies, which could significantly affect the profitability of Chinese exports.

Nine-point plan to Trump-proof Chinese exports

The nine-point plan includes expanded export credit insurance, additional financing for international trade businesses, and strengthened cross-border e-commerce, according to the South China Morning Post.

The Commerce Ministry said it would also expand visa-free entry policies to facilitate personnel exchanges and continue efforts to stabilise foreign trade amid growing global trade tensions.

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Additionally, the plan outlines efforts to boost exports of specialty agricultural products and key commodities while supporting imports of critical equipment and energy resources.

China’s export-driven economy has faced multiple challenges, including sluggish domestic consumption and a struggling housing market.

Exports to the US totalled $427.2 billion last year, compared to $147.8 billion in imports, despite existing tariffs imposed during Trump’s previous term. China responded with retaliatory tariffs on US goods.

Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, described the measures as a proactive response to anticipated challenges.

“These steps are not only aimed at addressing renewed US tariffs but also at equipping Chinese exporters to handle rising trade barriers worldwide,” he told the Post.

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An unnamed Beijing-based professor in public administration told the daily that while most of the measures were not new, they indicated the ministry was examining ways to mitigate the looming threat of a renewed or intensified trade war after Trump takes office in January.

Trump is set to take office in January, renewing fears of an intensified trade war that could further strain the already fraught relationship between the world’s two largest economies.

With inputs from agencies