On April 16, 2025, Illumina announced through an internal email a global workforce reduction of approximately 3.5% to advance its $100 million cost-cutting target. Based on the employee count of 8,970 at the end of 2024, this layoff affects over 300 people. Illumina's layoffs are not an isolated incident, but part of a series of adjustments made in recent years. Since 2022, the company has implemented several layoff plans. In 2022, Inmune announced a large-scale layoff, reducing approximately 500 employees globally, accounting for 5% of its total workforce. This layoff is seen as an important measure for Inmune to cope with cost pressures and changes in the industry. 2023 Multiple rounds of layoffs: Due to continued optimization of personnel structure at Meina, the specific number of layoffs has not been disclosed, but it involves multiple departments and regions. In 2024, California Layoffs: Illumina terminated the positions of approximately 50 employees in California, signaling further adjustments in its U.S. domestic market. In February 2025, 96 employees were laid off, mainly at the headquarters in San Diego, indicating that Illumina is still continuously optimizing its internal resource allocation. This round of layoffs is Illumina's second layoff action after the major layoffs in February this year, but details such as specific layoff regions have not been disclosed yet. It remains unclear whether the layoffs are related to the business reduction caused by being included in the unreliable entity list by China's Ministry of Commerce. On April 15, Jacob Thaysen, CEO of Illumina, stated during an interview at the 2025 Abu Dhabi Global Health Week that China remains a very significant market force, and they are exploring ways to bring gene sequencers back to China. Jacob Thaysen emphasized in the above interview, "Our products are currently on the unreliable list, which means we cannot sell instruments to China. However, we will continue to provide consumables support to all our Chinese customers, especially Chinese patients who need high-quality sequencing to receive the right treatment." Due to its long-term monopoly in the global gene sequencing market, Illumina is also known as the "Google" of the genetic technology industry. Public information shows that Illumina was founded in 1998 and is headquartered in the United States. As a leading company in the global gene sequencing field, its business covers oncology, genetics and infectious diseases, reproductive health, and other areas, with core products including high-throughput gene sequencers and gene chips. Since entering the Chinese market in 2005, Illumina has held a significant position in China's gene sequencing instrument market. According to financial report data, in 2024, Illumina's revenue in China reached 2.2 billion yuan, with instrument revenue accounting for 20%-30% of the total. On February 4, China's Ministry of Commerce announced in a statement that Illumina was included in the "Unreliable Entities List" due to its violation of normal market transaction principles, interruption of normal transactions with Chinese enterprises, and discriminatory measures against Chinese enterprises, which severely harmed the legitimate rights and interests of Chinese enterprises. It was also revealed by industry insiders that Meina suddenly interrupted cooperation with several Chinese biopharmaceutical companies under the pretext of "supply chain security review," even seizing already paid orders, which caused dozens of domestic cancer early screening and genetic disease research projects to be forced to halt. The day after being included in the list, Illumina issued a statement saying that the company was "conducting a detailed assessment of the impact of the relevant matters and actively seeking solutions," while emphasizing that it "always adheres to market-oriented and rule-of-law principles in its global operations." On March 4, the Chinese Ministry of Commerce announced the inclusion of the American company Illumina on the unreliable entity list and prohibited it from exporting gene sequencing instruments to China. This decision takes effect immediately upon announcement. On March 11, Illumina responded to the aforementioned announcement, stating that it fully respects the decision of China's Ministry of Commerce and will continue to operate globally in accordance with market-oriented and legal principles, strictly complying with the laws and regulations of all countries or regions where it operates, including China. In addition, Ankur Dhingra, the Chief Financial Officer of Mena, stated, "Our new guidance for fiscal year 2025 indicates that revenue contributions from China will be relatively limited, and we expect the current macro trends to persist." In addition, Inmune has revealed that the company is developing an incremental cost reduction plan of about $100 million for the fiscal year 2025. These savings will help mitigate the impact of various potential scenarios related to the decline in revenue and associated operating income from its Greater China business. On April 8, the 91st China International Medical Equipment Fair (CMEF) grandly opened at the National Exhibition and Convention Center (Shanghai), but Illumina did not attend the exhibition. It is widely believed that Illumina's absence may be related to its inclusion on the "Unreliable Entity List." On the other hand, the industry generally believes that the ban on Illumina's export of gene sequencers to China is expected to accelerate the domestication process of China's gene sequencer market. A pharmaceutical researcher told the media in an interview that leading domestic companies such as MGI Tech and Genemind Biotech will benefit from this. For BGI Genomics, the ban on high-end products imported from the United States makes it easier for domestic equipment to enter the market, boosting performance recovery, while also buying time for the research and development of a new generation of high-throughput sequencing devices. According to media reports, in fact, some customers of Illumina have begun to switch to choose domestic options. Peking Union Medical College Hospital announced in April 2025 that it would suspend its collaboration with Illumina on a rare disease genomic program and instead adopt the BGI Genomics DNBSEQ-T20 sequencing platform. The contraction of Illumina's business in the Chinese market had already become evident in previous years. According to financial reports, Illumina's market share in China's gene sequencing instrument and consumables market, calculated by annual revenue, has declined from 64.50% in 2021 to 54.2% in 2023. Additionally, according to data from CIC, in 2023, MGI's market share in China has reached 47.3%, breaking Illumina's domestic monopoly.

On April 15th, U.S. time, the White House website reiterated that due to China's retaliatory measures, goods exported from China to the U.S. are now facing tariffs of up to 245%. As early as April 11, a spokesperson for China's Ministry of Commerce stated that the U.S. imposition of excessively high tariffs on China has turned into a numbers game, holding no practical economic significance. If the U.S. continues with this tariff numbers game, China will not pay it any heed. Actually, the latest statement from the White House "China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions." That is, the maximum (up to) tariff that goods going from China to the United States might face could be 245%, not all goods. The number is not a newly imposed tariff, but the result of adding the 100% tariff on some goods (such as syringes, needles) during the 2018 trade war to the additional 145% tariff in 2025. For instance, The New York Times previously illustrated that the tariffs on certain medical products could reach up to 245% due to the==== rule. Attached figure.

The White House announced on April 15 local time that due to (China's) retaliatory measures, Chinese goods exported to the U.S. now face tariffs as high as 245%.

BOLSTERING AMERICA’S CRITICAL MINERALS FUTURE: Today, President Donald J. Trump signed an Executive Order launching an investigation into the national security risks posed by U.S. reliance on imported processed critical minerals and their derivative products. The Order directs the Secretary of Commerce to initiate a Section 232 investigation under the Trade Expansion Act of 1962 to evaluate the impact of imports of these materials on America’s security and resilience. This investigation will assess vulnerabilities in supply chains, the economic impact of foreign market distortions, and potential trade remedies to ensure a secure and sustainable domestic supply of these essential materials. The investigation will culminate in a report detailing risks and providing recommendations to strengthen domestic production, reduce dependence on foreign suppliers, and enhance economic and national security. If the Secretary of Commerce submits a report finding that imports of critical-mineral articles threaten to impair national security and the President decides to impose tariffs, any resulting tariff rate imposed under Section 232 would take the place of the current reciprocal tariff rate, pursuant to President Trump’s April 2 order. COUNTERING THREATS TO NATIONAL SECURITY AND ECONOMIC STABILITY: President Trump recognizes that an overreliance on foreign critical minerals and their derivative products could jeopardize U.S. defense capabilities, infrastructure development, and technological innovation. Critical minerals, including rare earth elements, are essential for national security and economic resilience. Processed critical minerals and their derivative products are key building blocks of our defense industrial base and integral to applications such as jet engines, missile guidance systems, advanced computing, radar systems, advanced optics, and secure communications equipment. The United States remains heavily dependent on foreign sources, particularly adversarial nations, for these essential materials, exposing the economy and defense sector to supply chain disruptions and economic coercion. Foreign producers have engaged in price manipulation, overcapacity, and arbitrary export restrictions, using their supply chain dominance as a tool for geopolitical and economic leverage over the United States. A few months ago, China banned exports to the United States of gallium, germanium, antimony, and other key high-tech materials with potential military applications.   Just this week, China suspended exports of six heavy rare earth metals, as well as rare earth magnets, in order to choke off supplies of components central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. STRENGTHENING AMERICAN INDUSTRY: This Executive Order builds on previous actions taken by the Trump Administration to ensure U.S. trade policy serves the nation’s long-term interests. On Day One, President Trump initiated his America First Trade Policy to make America’s economy great again. On Liberation Day, President Trump imposed a 10% tariff on all countries and individualized reciprocal higher tariffs on nations with which the U.S. has the largest trade deficits in order to level the playing field and protect America’s national security. More than 75 countries have already reached out to discuss new trade deals. As a result, the individualized higher tariffs are currently paused amid these discussions, except for China, which retaliated. China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions.   President Trump signed proclamations to close existing loopholes and exemptions to restore a true 25% tariff on steel and elevate the tariff to 25% on aluminum. President Trump unveiled the “Fair and Reciprocal Plan” on trade to restore fairness in U.S. trade relationships and counter non-reciprocal trade agreements.    President Trump signed a memorandum to safeguard American innovation, including the consideration of tariffs to combat digital service taxes (DSTs), fines, practices, and policies that foreign governments levy on American companies. President Trump signed similar Executive Orders launching investigations into how imports of copper and imports of timber, lumber, and their derivative products threaten America’s national security and economic stability.

The Trump administration promoted a trade investigation led by the Department of Commerce.Semiconductors and pharmaceuticalsThe plan to impose import tariffs. The measures announced on Monday in the Federal Register are a prelude to the imposition of tariffs and could potentially expand Trump's global trade war. The Ministry of Commerce stated in two notices that it has initiated an investigation"Semiconductor and semiconductor manufacturing equipment" "Medicines and pharmaceutical ingredients, including finished pharmaceutical products"The impact of imports on U.S. national security. These investigations, which began on April 1st, were ordered under Section 232 of the Trade Expansion Act and may last for months. According to the law, the Secretary of Commerce should submit the investigation results within 270 days, but Trump and other officials have indicated that these tasks might be concluded more quickly. Trump has long condemned the national security threat posed by foreign-made pharmaceuticals and chips and has threatened tariffs on imports to revive U.S. manufacturing of these products. But these tariffs also have the potential to seriously disrupt supply chains and raise costs for Americans. From cars to airplanes, from mobile phones to consumer electronics, these products all rely on semiconductors, with global semiconductor sales exceeding $600 billion. Currently, the supply chain is still feeling the chaotic effects caused by the COVID-19 pandemic and may now face new impacts from U.S. tariffs. Trump's frequent shifts in his comprehensive tariff plans have sent mixed signals to the markets, businesses, and trade partners, who are striving to negotiate with the White House to reach dozens of new agreements aimed at reducing trade imbalances. Trump said on Monday that he expects to impose tariffs on imported drugs “sooner rather than later.” Trump said to the reporter:"Listen, I'm a very flexible person. I don't change my mind, but I am very flexible." "I've been helping Tim Cook and the whole business recently," he continued, referring to the CEO of Apple Inc."I don't want to hurt anyone. But the end result is that our country will achieve greatness."However, Trump said last weekend that the exemption on tariffs for technology products (seen as a boon for tech giants like Apple and Nvidia) would be temporary, adding that these imports would eventually face different, industry-specific tariffs. The Ministry of Commerce's investigation into semiconductors has a wide scope, as it aims to assess the import situation of both traditional chips and advanced chips sought after for artificial intelligence applications. According to government notifications, this investigation will cover all semiconductors, equipment used to manufacture semiconductors, and electronic products that contain these components. The imposition of tariffs on the semiconductor industry could affect numerous companies that export billions of dollars worth of microprocessors and related products to the United States each year. These measures could also increase the cost of Trump’s vision for expanding domestic semiconductor production, especially if import duties are levied on chip manufacturing equipment from companies such as ASML Holding NV. Based in the Netherlands, ASML is a leading supplier of advanced lithography machines, which are used to produce the smallest computer chips utilized in artificial intelligence and other sensitive applications. Analysts warn that bringing chip manufacturing to the US will require years of arduous effort. Separate drug investigations will examine imports of all drugs, including generics and generic finished products as well as materials used to make those drugs. Investigators will also look into imports of key pharmaceutical inputs. Tariffs will also hit global pharmaceutical giants like Merck & Co. and Eli Lilly & Co., which have dozens of production bases around the world. Before tariffs may be imposed in the U.S., pharmaceutical companies have announced significant investments in the United States. Recently, Swiss pharmaceutical company Novartis AG announced plans to invest $23 billion in the United States over the next five years, following similar commitments from Eli Lilly, Merck, and Johnson & Johnson. However, experts warn that this is likely not enough to mitigate the impact of tariffs. Leerink Partners analyst David Risinger said in a note to clients ahead of the announcement, "We believe the companies impacted cannot quickly fix the problem. Reregistration would take years and be very costly." In this already the most expensive market in the world, pharmaceutical companies will face two choices: either absorb the costs brought by potential tariffs or raise drug prices. Trump has repeatedly criticized American pharmaceutical companies for their reliance on overseas production, and he is breaking with tradition that has lasted for decades. For many years, the pharmaceutical industry has managed to avoid trade wars and has been protected by international agreements, which largely shield medicines from tariffs on humanitarian grounds.    

Global energy and chemical industry market information service agencies recently stated that American chemical companies are facing profit contraction due to fluctuations in oil and natural gas prices, while also dealing with issues related to tariffs and economic uncertainty. Analyst Koze Olko stated that the key driving factor behind the rise in U.S. gas prices is the surge in liquefied natural gas (LNG) demand from Europe and the Asia-Pacific region. Due to the strong growth in electricity demand from data centers, U.S. natural gas supply may tighten further. In contrast, oil demand is expected to decline due to accelerated supply growth from non-OPEC producers such as the U.S., Brazil, and Guyana, the rapid adoption of electric vehicles, and a slowdown in economic growth, which may lead to a drop in oil prices. It is estimated that the average price of Brent crude oil will drop by 6.7% in 2025 and by another 7.4% in 2026; the average price of WTI will also drop by 6.7% in 2025 and by another 7.9% in 2026. The cost of chemical raw materials in the United States, especially ethane, will fluctuate with the rise and fall of gas prices. It is estimated that the average price of natural gas in the United States will increase by 66.8% in 2025 and by another 3.9% in 2026. The trends of both will inevitably squeeze the profit margins of U.S. ethylene producers. However, the demand for ethylene is declining. Tariffs have increased the import costs of raw materials used to make catalysts and plastic additives, and the EU and Canada may impose retaliatory tariffs on polyethylene exported from the United States. Peter Huntsman, CEO of U.S. chemical producer Huntsman Corporation, expects that the rebound in the U.S. real estate market may be delayed due to uncertainties over tariffs and mortgage interest rates, and the demand for ethylene from the construction industry will continue to be weak, further exacerbating the instability in the ethylene market.

According to CCTV News, on April 8th local time, US President Trump announced in a speech that the United States will impose tariffs on pharmaceuticals. Trump stated that the United States does not produce its own medications and other health-improving products. The prices paid for drugs in the U.S. are often many times higher than those in countries that produce pharmaceuticals. Trump believes that once tariffs are imposed on medications, pharmaceutical companies will establish factories in the U.S. because it is the "largest market." European pharmaceutical companies warned at a meeting with the President of the European Commission on the 8th local time that US tariffs will accelerate the trend of the industry moving from Europe to the US. EFPIA, a pharmaceutical industry trade lobbying group whose members include European pharmaceutical giants Bayer, Novartis, and Novo Nordisk, said that it has called on the EU President to push for "rapid and fundamental action" to mitigate the risk of an exodus to the US.

While the Trump administration was wielding the tariff baton, American toy giants were not only diversifying their production bases but also quietly launching a "cost revolution"! The "American Girl" dolls from Mattel's American Girl brand are on display at the American Girl Place in Manhattan, New York. The Trump administration escalated the trade war: imposing a 10% base tariff on almost all countries and adding heavy taxes on dozens of countries including China and Vietnam. As the two pillars of U.S. toy imports, Chinese products face a 54% overall tax rate (with an additional 34%), while Vietnamese toys are hit with a 46% tariff. According to the U.S. Toy Association, 77% of imported toys in the U.S. come from China, with Vietnam following Mexico in third place. Industry experts warn that tax rates far exceeding expectations will lead to a surge in toy prices, with the initial impact likely coinciding with the back-to-school season this fall. "The entire industry is in chaos," said Greg Ahearn, president of the Toy Association. "This will have a huge negative impact on both consumers and the industry." The Dilemma of Enterprises in Supply Chain Earthquakes Toy giants Hasbro and Mattel had predicted in 2025 that the impact of a 20% tariff on China would be included in their plans to shift production to Vietnam, Indonesia, and India. However, the new tariff policy has resulted in rates of 46%, 32%, and 26% for these three countries, respectively. Eric Handler, an analyst at Roth Capital, pointed out: "The transfer of production has lost financial feasibility, and consumers will soon see price increases." "Hey Buddy Hey Pal" company's "Magic Egg Decorator" relies on the Asian supply chain. However, in reality, China announced on Friday that it will impose a 34% retaliatory tariff on the US, exacerbating trade tensions. The capital market "votes with its feet" in advance. The tariff shockwave has swept through Wall Street: Mattel's stock plummeted 16.5% on Thursday, Hasbro dropped 12%, and Funko plunged 18%. Analysts predict that toy giants releasing quarterly reports this month may lower their profit guidance. This tariff storm is reshaping the global toy industry landscape. After Mattel and Hasbro transferred part of their production capacity to Vietnam in two years, production in China has significantly decreased, while new factories in Vietnam hesitate due to tariffs. US toy giant's strategy of diversifying manufacturing locations Mattel has also been diversifying its manufacturing operations away from China, currently sourcing products from seven countries. China accounts for about 40% of its procurement volume, down from the previous 50%. Due to the United States accounting for about half of the global toy sales, China's tariff risks are about 20% of the global cost of goods sold. UBS says this means that according to a 10% China tariff, Mattel's gross margin will be affected by 100 basis points, equivalent to about 12 cents per share. Mattel said that by 2027, the output of any country will not exceed 25% of its total output. Hasbro has been expanding its manufacturing operations to countries like Vietnam and India to reduce its dependence on China. The company's management has indicated that Indonesia may be the next stop. Hasbro, headquartered in Pawtucket, Rhode Island, currently sources products from eight countries, with China accounting for 50%, down from the previous 60%. The company aims to reduce this proportion to 40% by 2026. In comparison, the average for the entire toy industry is 80% to 85% of revenue coming from China. Mexico also imposes tariffs on certain goods, representing 2% of Hasbro's production. The company does not source any products from Canada. Reduce manufacturing costs Despite efforts by companies to reduce costs through renegotiating supplier contracts and simplifying packaging (such as Basic Fun’s release of trayless packages), Basic Fun********: "The 54% tariff could lead to a direct price increase of 50% at the consumer level, especially for toy products with single-digit profit margins. Cost passthrough is inevitable." Behind the hustle and bustle of the New York Toy Fair, buyers are frantically seeking alternatives. An unnamed Guangdong OEM factory manager revealed: "Walmart has asked us to reduce the thickness of plastic parts by 0.2 millimeters, but this can only offset 3% of the cost." Battery-free electronics, minimalist packaging toys, self-assembled daily necessities... These seemingly regressive consumer trends are actually the wisdom of businesses surviving in the global trade war. In the workshop of Abacus Brands, a Los Angeles-based educational toy company, CEO Steve Rad is showcasing a new matte packaging box: replacing the 30-cent plastic liner with a cardboard that costs only 7 cents. "Saving 3-4 cents at each spot can accumulate to offset the $10 increase in retail price," the company also plans to reduce the thickness of the paper used in the instruction manual, and expects to complete the supply chain adjustments this fall. Steve Rad, who designs science kits and other educational toys for older kids, is showcasing a newly improved matte box (left), which will replace its black molded plastic packaging with an improved cardboard material to help offset the cost of future tariffs. The plush toy giant Aurora World has tapped into the color economy. "Reducing the number of paint colors not only cuts material costs but also simplifies the labor process," admitted Gabriel Horikawa, general manager of the toy division. While these changes may not fully offset the impact of tariffs, they serve as a necessary buffer. Aurora was founded in Korea in the 1980s, and by going green, it has saved more than 3 million pounds of recycled plastic. Packaging Slimming: A Win-Win for Environmental Protection and Cost The classic toy brand Basic Fun has designed three packaging options for Tonka trucks: a traditional box with a display window, a tray without a box, and a minimalist paper price tag. The latter two options can save costs of $1.25 and $1.75 respectively, but CEO Jay Foreman admits, "This will reduce the product's appeal and is far from offsetting the tariffs on goods from China." The Art of Survival in the Fog of Policy Michael Matthias, CFO of American Eagle Outfitters, revealed that the company plans to reduce the production capacity ratio in China and Vietnam from 15%-20% each to single digits. CEO Jay Schottenstein admitted, "We faced similar challenges eight years ago, and we must remain flexible— you never know where the next round of tariffs will be aimed." Facing policy uncertainty, Peter Baum of Baum Essex in New York lamented, "This is the beginning of a global depression. An 80-year-old business run by five generations could be ruined." The company, which relocated its production capacity from China in 2019, is now facing another****in several Southeast Asian countries. In this trade war without gunpowder, enterprises are adopting meticulous "subtraction strategies" to find a niche in the tariff storm. When innovation becomes a forced choice, the evolution of consumption patterns may reshape the commercial landscape in the post-tariff era.

After being hit with a 46% tariff increase by the U.S., Vietnam is now in talks with the U.S. for a 0% tariff agreement. General Secretary Su Lin of the Vietnam Communist Party said that Vietnam is prepared to lower its tariffs to zero, and has asked the United States to do the same. Vietnamese official media reported that General Secretary of the Communist Party of Vietnam, Nguyen Phu Trong, and U.S. President Donald Trump have agreed to discuss and sign a bilateral agreement to implement a zero-tariff commitment. Former President Trump posted on social media platform X: "I just had a conversation with General Secretary of the Communist Party of Vietnam, Nguyen Phu Trong. It was very constructive. He told me that as long as Vietnam and the U.S. can reach an agreement, Vietnam is willing to reduce tariffs on the U.S. to 0. On behalf of the United States, I thank him and look forward to a formal meeting in the near future."

The measure of U.S. President Trump imposing a 25% tariff on imported cars officially took effect after midnight on Thursday in Washington time, which is expected to significantly increase the cost of the automotive industry and disrupt the supply chain. According to Trump's announcement of the plan last week, some auto parts will also be subject to tariffs at the same rate no later than May 3. These tariffs could lead to new car prices rising by thousands of dollars and have an impact on auto sales. On Wednesday, Trump also announced that the United States would impose a starting 10% reciprocal tariff on all imported goods, with more than 60 countries and regions with the largest trade deficits facing even higher rates. Although the reciprocal tariffs do not apply to imported automobiles and auto parts, automakers have already been impacted by the escalating trade war. "Although the auto industry may have dodged a bullet, we remain concerned that auto and parts tariffs will be here to stay for the long term and will bring a significant cost burden," Bernstein analyst Daniel Roeska said in a note to clients. Officials said that the United States will maintain a 25% tariff on Canada and Mexico related to drug trafficking and illegal immigration, but at the same time, the two countries are not within the scope of the United States' retaliatory tariffs. Goods covered by the United States-Mexico-Canada Agreement, which Trump promoted during his first presidential term, will continue to be exempt from tariffs. Auto industry executives have been lobbying the Trump administration for weeks in an effort to mitigate the impact of the trade war.Ford Motor Company(10.15, 0.21, 2.11%)、General Motors(47.98, 0.72, 1.52%)Stellantis NV, the parent company of Chrysler, recently called for the exclusion of some low-cost auto parts from tariffs.  

Event Summary On April 2, 2025, U.S. President Trump officially signed the "Reciprocal Tariff" executive order, implementing differentiated tax rates for major global trading partners: China (34%), the European Union (20%), Japan (24%), South Korea (25%), India (26%), Vietnam (46%), Thailand (36%), etc., and imposed an additional 25% tariff on all imported automobiles and parts. This policy, under the guise of "fair trade," actually targets China, the European Union, and Asian manufacturing countries through tax rate disparities, causing a strong backlash from the international community. Canada, Mexico, the European Union, and other countries have already initiated plans for retaliatory tariffs, plunging the global supply chain into short-term chaos. The long-term impact depends on the strength of multilateral countermeasures and the speed of industrial chain restructuring. Policy Background The implementation of Trump's tariff policy is rooted in the long-standing structural contradictions in the United States and profound changes in the domestic political ecology. Economically, the hollowing out of American manufacturing and the ongoing trade deficit issues have continued to ferment; politically, social polarization in the United States has intensified, and the dissatisfaction of voters in traditional manufacturing states with the economic situation has been amplified by populist sentiments. The Trump administration continued the "America First" protectionist logic by using tariffs as a tool for multiple games. Its core objectives include: protecting traditional industries such as steel and aluminum by increasing import costs, thereby promoting the return of manufacturing; using tariff revenues to alleviate fiscal deficits and subsidize domestic tax cuts; simultaneously, creating trade frictions to gain support from voters in the Midwest, paving the way for the 2026 midterm elections and re-election. The legal basis for the policy comes from the International Emergency Economic Powers Act and Section 232 of the Trade Expansion Act. However, the international community widely criticizes the abuse of the "national security" argument to bypass WTO rules and implement unilateral sanctions. It is worth noting that Trump's so-called concept of "reciprocity" fundamentally conflicts with the principle of overall balance of rights and obligations in the WTO, as it only measures trade deficits in goods while ignoring the deep impact of trade surpluses in services and the international status of the US dollar on trade structure. Impact on China: Challenges and Opportunities Coexist The Trump administration imposed a cumulative tariff of 20% on Chinese goods imported into the U.S. If Congress were to revoke China's "Permanent Normal Trade Relations" (PNTR) status, the total tariff could skyrocket to 68%, significantly impacting industries such as food and beverages, electronics, and textiles. It is estimated that this would lead to a decrease in exports to the U.S. by 6-9 percentage points. However, China's automobile export dependence on the US is only about 0.5%, and new energy vehicles achieve a doubling of export volume in 2024 through the "Belt and Road" initiative (such as Russia, the Middle East), partially offsetting the impact of a 100% electric vehicle tariff. However, automobile parts exports face a severe test, with exports to the US reaching 10.1 billion US dollars in 2024, and 30% of US car companies' components rely on China, forcing the supply chain to accelerate "de-Chinaization" under tariffs. Challenges also bring opportunities: The EU, Japan, and South Korea are turning to China for cooperation due to U.S. tariffs, accelerating regional economic integration under the RCEP framework; the process of domestic substitution in fields such as semiconductors and chips has significantly accelerated; China is showcasing greater economic resilience by expanding domestic demand and promoting upgrades in high-end manufacturing. Global Impact: Supply Chain Restructuring and Inflation Spiral The United States has imposed a 25% tariff on automobiles and auto parts, directly impacting Mexico (which relies on the United States for 3 million vehicle exports) and Japan and South Korea (where auto exports to the United States account for more than 25% of their vehicle production). To avoid rising costs, automakers may turn to China for purchasing auto parts, accelerating the "de-Americanization" of the global supply chain. However, American automakers also face difficulties: 30% of their auto parts depend on China, causing an increase in the cost per car of $3,500 to $12,000, weakening their global competitiveness. Trade confrontation is becoming cyclical: The EU plans to impose tariffs on American technology products, while China counters by restricting imports of soybeans, corn, and liquefied natural gas from the U.S., and limiting exports of rare earths. The global trade tensions are escalating, and the WTO's dispute resolution mechanism is paralyzed due to U.S. obstruction of judge appointments, further eroding the authority of the multilateral system. Economies like Mexico and South Korea, which are heavily reliant on the U.S. market, face the risk of recession. Conclusion: The Costs of Protectionism and Future Pathways Trump's tariff policy is a mixture of economic nationalism and geopolitical****, with its short-term effect of stimulating the return of manufacturing potentially being outweighed by long-term costs: consumers bear inflationary pressures, corporate investment intentions decline, and the credibility of the US dollar is damaged. For China, the pressure on exports forces technological innovation and market diversification, but it is necessary to be wary of the loss of industrial chain position in the process of supply chain reconfiguration. The international community's countermeasures and joint boycotts have shown results: China, together with over 160 countries, filed a complaint in the WTO, the European Union launched the "anti-coercion tool", and more than 130 countries worldwide signed the "Joint Statement" opposing unilateralism. Historical experience has shown that there are no winners in trade wars, only by returning to multilateral consultations and rebuilding an inclusive global economic governance system can we avoid the vicious cycle of "beggar-my-neighbor". In the future, the uncertainty of US policy shifts and the response capabilities of various countries will become key variables in reshaping the global trade order.

Local timeOn April 2, U.S. President Donald Trump signed two executive orders on so-called "reciprocal tariffs" at the White House, announcing that the United States will establish a 10% "minimum benchmark tariff" on trade partners and impose higher tariffs on certain trade partners. It is worth noting that Trump launched a series of actions against China during his first term.The "trade war" has resulted in an average tariff increase on China of about 20%. At the beginning of his second term, in March, an additional 20% tariff was imposed, and considering the 34% increase added early this morning, the current average tariff level imposed by the United States on China is over 75%. This marks a formal shift in U.S. trade policy towards China from competition to comprehensive containment. This policy, through a cumulative mechanism, enhances the suppression effect, but it will also face backlash risks such as the cost of supply chain restructuring and rising inflation. China will counter the tariff impact through industrial chain upgrades and multilateral cooperation, and the global trade pattern is inevitably entering a period of deep adjustment. We observe the export structure of American energy and chemical products to China and find that the most exported energy and chemical products from the US to China include: propane andPolyethylene。 U.S. propane prices (withThe MB price (based on which) has been consistently lower than the Middle East's CP price in the long term, coupled with the increase in production brought about by the shale gas revolution, making it significantly more price competitive. Furthermore, the expansion of U.S. propane export terminals has further supported the quantity of its exports to China. Despite the fact that during the Sino-U.S. trade friction in 2018, China imposed a 26% retaliatory tariff on U.S. propane, resulting in a sharp decrease in import share from 25% in 2017. However, after the tariff exemption in 2020, U.S. propane exports to China quickly rebounded. In 2024, U.S. propane exports reached a record high of 1.8 million barrels per day, the highest level since data collection began in 1973, mainly due to new P projects in China.DHThe demand for propane from the equipment has significantly increased. In 2024, China imported propane.2%From the United States, followed by Iran (17%), Qatar (7%), and the UAE (3%). Additionally, another major category of chemical products that China imports from the United States in significant quantities is polyethylene (see the figure below).In 2024, China's import of polyethylene is approximately 13.85 million tons, of which about 2.4 million tons are imported from the United States, accounting for more than 10% of imports from the US.7%In comparison, the proportion of polyethylene imported from Saudi Arabia is16.9%。 The United States possesses abundant and low-cost ethane resources, giving it a strong competitive advantage in terms of production costs. Building on this, the U.S. has been continuously expanding its polyethylene production capacity, particularly—From 2022 to 2023, the United States has seen the commissioning of multiple new production capacities. According to statistics from consulting agencies, in 2024, the total polyethylene (PE) capacity in the United States region reached 28.171 million tons, significantly increasing the local polyethylene supply. To absorb this supply increase, the United States actively increased its polyethylene export volume. According to statistics from 2024, the net export volume of polyethylene in the North American region will approach 1.200Ten thousand tons, making the United States the world's largest exporter of polyethylene. Category-wise, the most imported polyethylene category from the United States is standard products.LLDPE accounts for 21% of the imported LLDPE; followed by HDPE, with imports from the United States accounting for more than.17%For the above content, translate it from Chinese to English and output the translation result directly without any explanation.For HDPE products, the resources in the United States are known for being of medium quality and low price. Therefore, if countermeasures are initiated against relevant varieties, the impact on the market will be relatively significant. After the announcement of the additional tariff, domesticallyPEThe futures market remained calm, as of the time of this report.PE2509Contract Report7648The translation of the Chinese phrase "****" into English is "increase" or "rise".0.21%；PP2509 contract reported 7332Increase in price0.05%。 From the perspective of market trends, the impact of high tariffs on the demand side is limited; capital is expecting possible domestic countermeasures, and in combination with the migration and rollover of the main contracts, the far-month contracts.09The contract's price performance remains relatively strong. Author: Gao Xing, Senior Market Analysis Expert

International News Digest:Raw Material News - Shell Completes Sale of Refining and Chemical Assets in SingaporeKorean KG Mobility Teams Up with Chery Automobile to Develop Mid-to-Large-Sized SUVPackaging News - 9 million tons of plastic pressure, Vietnam's 870 trillion beverage market faces green packaging transformation!Exhibition Highlights - The RePlast Eurasia Expo will be held in Turkey in May, gathering pioneering forces in the plastic recycling industry.Equipment News - Swiss Auto Injector Manufacturer Invests $220 Million to Build Factory, Entering the U.S. Auto Injection Equipment MarketMarket News - Brazilian Congress Plans to Draft Legislation to Counter Unilateral Trade ActionsMarket Price News - Ethylene Asia: CFR Northeast Asia $855/ton; CFR Southeast Asia $920/ton Here is the translated content:The following is an overview of international news:Shell completes sale of Singapore refining and petrochemical assetsOn April 1, Shell announced that it had completed the sale of its Singapore Energy and Chemicals Park to a joint venture formed by Glencore and Indonesian chemical manufacturer PT Chandra Asri Pacific. Specific financial details were not disclosed. Shell announced the transaction on May 8, 2024. The Singapore Energy and Chemicals Park includes refining and chemical assets located on Pulau Bukom and Jurong Island. The assets on Pulau Bukom include a refinery with a capacity of 237,000 barrels per day, which was established in 1961, and an ethylene cracker with an annual capacity of 1.1 million tons.2. BASF Launches New High-Temperature Nylon Product!Recently, BASF has further expanded its Ultramid® Advanced T1000 series products for durable components requiring special thermal management. This product series is developed based on polyamide 6T/6I resins, and the latest additions include optimized products with high hydrolysis resistance (HR) and high purity (EQ, or electronic grade). The newly developed HR and EQ grades exhibit excellent high strength and high rigidity at elevated temperatures, while also demonstrating outstanding creep resistance and good compatibility with coolants. Their overall performance significantly surpasses that of standard polyamide grades and many other PPA products available on the market.3. In May, the RePlast Eurasia Exhibition will land in Turkey, bringing together pioneering forces in the plastic recycling industry.RePlast Eurasia, as Turkey's first and only exhibition focused on the plastic recycling industry, holds a unique position in the industry. From May 8 to 10, 2025, the exhibition will once again gather leading brands and authoritative experts from the global recycling field. The event is jointly organized by Tuyap and the PAGCEV Association, dedicated to showcasing cutting-edge technological innovations in every aspect of the plastic recycling process. During the exhibition, visitors will have the opportunity to explore hundreds of products and service types, including raw materials, equipment (including advanced waste sorting equipment), recycling technologies, collaboration resources from waste collection and sorting companies, professional design agencies, and consulting services.4. The United States has made a final ruling on the anti-dumping and countervailing duties for epoxy resin, with the dumping margin for Chinese producers/exporters at 354.99%.On March 31, 2025, the U.S. Department of Commerce issued an announcement, making the final ruling on anti-dumping duties for epoxy resins imported from China, India, South Korea, Thailand, and Taiwan, China. Due to the lack of participation in the response from Chinese enterprises, the dumping margin for producers/exporters from China was determined to be 354.99%, while for producers/exporters from India it was 12.69%-15.68%, for those from South Korea it was 5.62%-7.59%, for those from Thailand it was 5.25%, and for those from Taiwan, China it was 10.93%-26.98%.5. Korea's KG Mobility Collaborates with Chery Automobile to Develop Mid-to-Large SUVsOn April 2nd, it was reported that South Korean automaker KG Mobility announced today that it held a joint development signing ceremony for mid-to-large SUV models with Chery Automobile in Wuhu, Anhui yesterday. The two parties will strengthen technical cooperation to promote future development. This signing ceremony follows the strategic partnership and platform licensing agreement signed with Chery in October last year, marking a concrete plan for substantive collaboration. Both sides will jointly develop mid-to-large SUVs for domestic and international markets and enhance cooperation in areas such as autonomous driving and software-defined vehicle E/E architecture (electrical/electronic hardware and software, etc.).6. Plastic Parts manufacturer Pittsfield Plastics installs a 1600-ton injection molding machine to produce PE parts.Injection molder Pittsfield Plastics Engineering (PPE) has announced the installation of a new 1,600-ton Jupiter 14000 injection molding machine from Absolute Haitian Corp. for large-part molding. The press, along with associated robotics and auxiliary equipment, will allow PPE to meet the needs of its latest customer, a manufacturer of septic products and services for the residential and commercial sanitation waste industry.7. Swiss automatic injector manufacturer invests $220 million to build a factory, entering the U.S. automatic injection molding equipment market.SHL Medical, a syringe manufacturer based in Switzerland, officially opened its most advanced new manufacturing plant in North Charleston, South Carolina. SHL Medical stated that the expansion, first announced in summer 2022 with an investment of $220 million, contributed to the local economy and created hundreds of new jobs in the area.8. 9 million tons of plastic pressure, Vietnam's 870 trillion beverage market faces green packaging transformation!The Vietnam Beer-Alcohol-Beverage Association (VBA) highlights that packaging plays a pivotal role in the modern economy by safeguarding products throughout the complex supply chain from production to consumption. It serves as a vital medium for brand communication and is crucial to the efficiency of the entire production and consumption system. Particularly for an economy like Vietnam, which boasts robust exports and strong domestic demand, the healthy development of the packaging industry holds strategic significance. Data from Nguyen Thanh Giang, General Director of Tetra Pak Vietnam, indicates the packaging industry's immense growth potential: Vietnam's food and beverage sector is projected to achieve a compound annual growth rate (CAGR) of 10.3% by 2027, with the market size reaching 872.9 trillion Vietnamese dong. This powerful market momentum not only demands expanded production capacity in the packaging industry but also raises higher expectations for innovation, functionality (such as aseptic preservation), design, and sustainability. Overseas macro market information:【Brazilian Congress Proposes Bill to Counter Unilateral Trade Actions】 On April 1 local time, the Economic Affairs Committee of the Brazilian Senate unanimously passed a proposal titled the "Economic Reciprocity Bill," aimed at authorizing the Brazilian government to take countermeasures when its foreign trade interests are harmed. Since this bill adopts a fast-track mechanism, it will bypass a full Senate vote and be directly submitted to the House of Representatives for deliberation.【Tesla European Sales Plunge】 Tesla electric vehicles have seen a sharp decline in sales in several European markets due to dissatisfaction with CEO Elon Musk and a boycott of his company's products, as well as reduced appeal after being on the market for many years. According to a report by Agence France-Presse on April 1, data from the French automotive manufacturer and sales platform showed that in March, Tesla's sales in France fell by 36.8% year-on-year amidst a slight dip in the overall French electric vehicle market. Swedish data indicated that Tesla's sales in March dropped by 63.9% year-on-year, and by 55.2% in the first quarter. In Denmark, Tesla's sales in the first quarter declined by 56% year-on-year.Goldman Sachs: Downgrades forecast for 10-year Japanese government bond yield by the end of 2025 to reflect U.S. recession risks; yen is the preferred tool to hedge against U.S. recession and tariff risks. Goldman Sachs' research team stated in a report that it has lowered its forecast for the 10-year Japanese government bond yield by the end of 2025 from the previous 1.60% to 1.50% to reflect the increased risk of a U.S. economic recession. Goldman Sachs noted that the rising risk of such an outcome may affect market pricing of the Bank of Japan's continued tightening policy. Goldman Sachs stated: "The downward trend in the stock market and relatively low U.S. economic growth also tilt the risks towards a stronger yen."Goldman Sachs expects the yen to strengthen to the lower end of the 140 zone against the dollar this year, as concerns around US growth and trade tariffs will boost demand for the yen. It believes that if the risk of a US economic recession increases, the yen will be the best hedge for investors.On April 1st local time, the Mexican government issued a statement saying that President Sheinbaum held his first telephone conversation with new Canadian Prime Minister Carney on the same day, during which both sides reached a consensus on the importance of maintaining economic competitiveness in North America. The statement noted that the leaders of the two countries agreed to continue dialogue to promote the process of regional economic integration while respecting the sovereign rights of member states. The Canadian government's statement described the leaders' call as productive, stating that Canada and Mexico are committed to deepening trade relations and jointly building a stronger economy.【Japanese Rice Prices Hit 12th Straight Week of Record Highs, Average Price per Bag Exceeds 200 Yuan】Latest statistics from Japan’s Ministry of Agriculture, Forestry and Fisheries show that the average price of a 5-kilogram bag of regular rice in Japan is 4,197 yen (approximately 204 yuan RMB), which is about twice the price of the same period last year, marking 12 consecutive weeks of record highs. Japanese Prime Minister Shigeru Ishiba stated on April 1st that if necessary, the government will release more reserve rice into the market to stabilize prices.【Canada to Avoid Tariff Retaliation That Could Affect Domestic Jobs and Drive Up Prices】 Canada will refrain from implementing tariff countermeasures that could impact domestic employment and increase prices, according to two federal trade advisors. The country will not impose retaliatory tariffs on most U.S. food products and other essential goods.Finland has announced that it will completely shut down coal-fired power plants this spring. On April 1, the Finnish government stated that as two energy companies gradually close all coal-fired power plants, Finland will fully stop using coal in energy production this year. The Finnish government indicated that in the future, energy companies will rely on electric boilers, heat pumps, energy storage, biomass energy, and waste heat recovery to produce thermal energy, while the focus of electricity generation will shift to wind, nuclear, hydro, and solar energy.【MOFCOM Extends Anti-Dumping Investigation on Imported Brandy from EU to July 5】 In accordance with the provisions of the "Regulations of the People's Republic of China on Anti-Dumping," on January 5, 2024, MOFCOM issued Announcement No. 1 of 2024, deciding to initiate an anti-dumping investigation into imported brandy originating from the EU. On December 25, 2024, MOFCOM issued Announcement No. 59 of 2024, deciding to extend the investigation period to April 5, 2025. Given the complexity of this case, in accordance with Article 26 of the "Regulations of the People's Republic of China on Anti-Dumping," MOFCOM has decided to further extend the investigation period to July 5, 2025. Price information:【The central parity rate of the renminbi against the US dollar was下调18 basis points.】Note: It seems there is a missing word in the original Chinese sentence. The correct sentence should be "【人民币兑美元中间价下调18个基点】". The translation provided is the closest accurate representation given the context, but typically it would be phrased as "The central parity rate of the renminbi against the US dollar was下调18 basis points." or more naturally, "The central parity rate of the renminbi against the US dollar was adjusted down by 18 basis points."The central parity rate of the yuan against the US dollar was set at 7.1793, down by 18 basis points. The previous trading day's central parity rate was 7.1775, the official closing rate was 7.2687, and the overnight rate closed at 7.2706.Upstream raw material USD market priceEthylene Asia: CFR Northeast Asia $855/ton; CFR Southeast Asia $920/ton.Propylene Northeast Asia: FOB Korea average price 800 USD/ton; CFR China average price 820 USD/ton, down 5 USD/ton.North Asia frozen cargo CIF price, propane $627-629 per ton; butane $617-619 per ton.The onshore price for South China frozen goods in April is as follows: propane 627-629 USD/ton; butane 617-619 USD/ton.The landed price of frozen goods in the Taiwan region: propane $627-629 per ton; butane $617-619 per ton.【LLDPE U.S. Dollar Market Price】Film: $955/ton (CFR Huangpu);Injection molding: 1010 USD/ton (spot in Dongguan bonded area);【HDPE US Dollar Market Price】Film: $940-950 per ton (CFR Huangpu).Hollow: $890-965/ton (CFR Huangpu)Injection molding: $825/ton (CFR Huangpu).LDPE USD Market PriceFilm: $1120/ton (CFR Huangpu), down $15/ton;Coating: $1360 per ton (CFR Huangpu).PP USD Market PriceAverage concentration: 935-990 USD/ton (spot), down 5 USD/ton;Co-polymer: $995-$1060/ton (CFR Huangpu spot)Film material: 1030-1105 USD/ton (CFR Huangpu);Transparent: $1020-$1050 per ton (CFR Huangpu spot);Tubing: $1,160 per ton (CFR Shanghai).

March 31, 2025The U.S. Department of Commerce announced the final anti-dumping determinations on imports of epoxy resins from China, India, South Korea, Thailand, and the Taiwan region of China.Due to the failure of Chinese enterprises to participate in the defense, a ruling was made.The dumping margin of Chinese manufacturers/exporters is 354.99%.The dumping margins for producers/exporters from India range from 12.69% to 15.68%, from South Korea range from 5.62% to 7.59%, from Thailand is 5.25%, and from Taiwan, China range from 10.93% to 26.98%.Meanwhile, the U.S. Department of Commerce issued a final countervailing duty determination on epoxy resin imported from China, India, South Korea, and the Taiwan region of China. As Chinese companies did not participate in the proceedings, a ruling was made.JiangsuThree treesThe rates for Jiangsu Sanmu Group Co., Ltd., Shandong Bluestar Dongda Chemical, and other producers/exporters in China are all 547.76%.The tax rates for Indian producers/exporters range from 10.66% to 103.72%, for South Korean producers/exporters range from 1.01% to 1.84%, and for producers/exporters from Taiwan range from 3.38% to 19.13%. The U.S. International Trade Commission (ITC) is expected to issue the final ruling on anti-dumping and countervailing duty injury on May 12, 2025.This case involves products under U.S. Customs Tariff Code 3907.30.0000.On April 23, 2024, the U.S. Department of Commerce announced the initiation of anti-dumping and countervailing duty investigations on epoxy resins imported from China, India, South Korea, and Chinese Taiwan, and an anti-dumping investigation on epoxy resins imported from Thailand.

Injection molder Pittsfield Plastics Engineering (PPE) announced the installation of a new 1,600-ton Jupiter 14000 injection molding machine from Absolute Haitian Corp. for large-part molding. The press, along with associated robots and auxiliary equipment, will enable PPE to meet the needs of its newest customer, a manufacturer of septic tank products and services for the residential and commercial sanitation waste industry.PPE stated that investing in large-part injection molding is an integral part of its growth strategy, which has led to steady business growth over the past few years.CEO and CFO Bruce Dixon stated, "We are excited about this new large-part production capacity, which will not only meet the production needs of our new customers but also fill the redundancy of existing clients, potentially addressing future growth opportunities." "This investment also opens the door to new opportunities for large-part molding for other existing and potential clients in the industrial, electrical, and construction markets," Dixon added.The largest press in the PPE stableThis new press is the largest of the 25 injection molding machines at PPE. The Jupiter 14000 has an injection size capacity of up to 22 pounds and will be used to manufacture a 14-pound cover for a sewage grinder pump. The cover is made of high-density polyethylene (HDPE), with a diameter of 2 feet and a height of approximately 10 inches.PPE indicates that as it focuses more on more complex and demanding applications, it is seeking to hire new employees with advanced engineering and technical expertise. The company, headquartered in Pittsfield, Massachusetts, expects the workforce in technical/engineering, supervisory, and administrative positions to increase by up to 10% next year.The machine will also be used for molding 18 to 20-inch long electronic insulating covers, 28-inch long electrical covers, as well as canoe and kayak seats weighing 7.5 to 9 pounds.The 10-ton bridge crane installed in the workshopPPE recently installed a new 10-ton bridge crane from Konecranes for handling large molds. This crane complements the existing 5-ton crane and now enables the lifting and positioning of high-tonnage molds for efficient and safe operation.PPE is also equipped with a tool room staffed by experienced tool technicians. The company states that customers may need the tool room to repair their custom molds, thereby re-allocating their existing molds back into the press with minimal production delays.Automated work units include robots and vision systems.The new equipment also includes an advanced automation system driven by Sepro three-axis robots. The automated work unit contains end-of-arm tools and a Keyence vision system, which will perform insert molding, de-gating, and quality inspection.PPE indicates that as it focuses more on more complex and demanding applications, it is seeking to hire new employees with advanced engineering and technical expertise. The company, headquartered in Pittsfield, Massachusetts, expects the workforce in technical/engineering, supervisory, and administrative positions to increase by up to 10% next year.

SHL Medical, a manufacturer of auto-injection systems headquartered in Switzerland, officially opened its most advanced new manufacturing facility in North Charleston, South Carolina. SHL Medical stated that the expansion, first announced in summer 2022 with an investment of $220 million, contributed to the local economy and created hundreds of new jobs in the region.South Carolina Governor Henry McMaster, North Charleston Mayor Reginald L. Burgess, and Swiss Consul General Urs Broennimann attended the grand opening ceremony last week.Ulrich Faessler, CEO of SHL Medical, welcomed Governor Henry McMaster to the grand opening ceremony of the company's new factory in North Charleston, South Carolina.Reliable domestic drug delivery device supplyThe factory, spanning 360,000 square feet, will produce SHL Medical's advanced auto-injectors for high-demand conditions such as obesity, autoimmune diseases, and rare disorders. SHL Medical stated that with the increasing demand for Glucagon-like peptide-1 (GLP-1) therapies to treat conditions like type 2 diabetes and obesity, the new facility will ensure reliable supply of related drug delivery devices to U.S. patients, while reducing lead times and transportation costs.According to data from the U.S. Centers for Disease Control and Prevention, more than 38 million Americans (1 in 10 adults) have been diagnosed with diabetes, and most of them have type 2 diabetes.Global market value 120 billion dollars"The facility marks a key step in our global expansion and enhances our ability to meet the growing demand for autoinjectors," said Ulrich Faessler, CEO of SHL Medical. In fact, according to data from Fortune Business Insights, the global autoinjector market was valued at $120 billion in 2023 and is expected to grow at a compound annual growth rate of 11.4% by 2032.SHL Medical is headquartered in Zug, Switzerland, with operations in Deerfield Beach, Florida; Sweden; and Taiwan. The company chose South Carolina as its U.S. flagship base because of the "strong skilled workforce pipeline and favorable business environment," CEO Ulrich Faessler said in a prepared statement. He added that the new facility will enable the company to "scale up production while contributing to the growth of the region."The new facility, equipped with advanced injection molding technology and fully automated assembly lines, complements SHL Medical’s established production site in Taiwan and its upcoming facility in Zug, Switzerland.The Swiss manufacturing plant is scheduled to open in 2026.Chugger Factory first announced in November 2020 that it is expected to be completed next year. The new global headquarters will cover 226,000 square feet and will seamlessly integrate office space with state-of-the-art manufacturing technology. SHL Medical expects an annual production capacity of approximately 80 million automatic injection devices, with nearly 350 employees. Once completed, it will make the company one of the few manufacturers of automatic injectors operating on three continents.By leveraging its existing operations in Florida and the recent acquisition of shares in SHL Advantec, the North Charleston facility has strengthened SHL Medical's presence in the United States, supporting large-scale production and advancing its mission to deliver world-class drug delivery devices. The company stated that it is on track to deliver 1.5 billion devices to customers by 2025."We are proud to expand our operations in the United States and support local communities," said Kimberlee Steele, Managing Director of North America. "One of the most trusted auto-injector brands is now made in the USA, ensuring patients have the essential equipment they need to manage their health independently."

International News Digest:Shipping NewsPrice hike! Shipping companies announce April rate adjustments!Raw Material NewsThe prices of PE and PP resins in the United States have declined.Mechanical News-Strong partnership! Baolvete and LNJ lead a new era of bottle-to-bottle food-grade recycled PET.Packaging NewsCalifornia, USA, plans to ban the intentional addition of these substances in food packaging. Here is the translation of the provided Chinese text to English:The above content is an international news summary:1. 2,300 Tons of Treasure Found in 4,600 Tons of Plastic Waste! Italian Town Launches Polyethylene Recycling RevolutionOn April 1, Ecopolietilene and STR jointly announced a landmark achievement in a polyethylene recycling experiment. Over the past three years (2022-2024), the two organizations successfully extracted 2,300 tons of polyethylene products from 4,600 tons of urban plastic waste. This amount is equivalent to converting half of a landfill's 'white pollution' into recyclable 'green gold.' As a specialized institution under the Eco-lighting System Alliance focusing on polyethylene management, Ecopolietilene collaborated with STR, a leading solid waste management entity in the Province of Cuneo, Piedmont region. Through the implementation of targeted sorting and recycling programs, not only did they achieve a 40% increase in polyethylene product identification rates, but they also innovatively transformed the recycled materials into industrial raw materials such as construction films and reclaimed pipes.2. Price Increase! Shipping Companies' April Price Adjustment Notifications Have Arrived!Despite the persistent low levels of freight rates in the spot market, it is noteworthy that several well-known shipping companies have recently decided to go against the trend and have announced new price increases set to take effect in April. This price hike covers multiple important routes, including those to South America, the Mediterranean, and West Africa, with the increase being quite significant. According to the notice, the freight rate for the largest containers will be raised by up to $1,000 each.3. Powerful Collaboration! Polyt and LNJ Lead the New Era of Bottle-to-Bottle Food-Grade Recycled PETRecently, BOLONG and LNJ GREENPET, a subsidiary of Bhilwara Energy Limited in India, signed a contract to provide a food-grade PET bottle recycling and cleaning system for the largest recycled PET resin project in Rajasthan, India. BOLONG will supply its next-generation ES process, delivering high-quality food-grade recycled PET through an energy-efficient, stable, and reliable production method.4、BASF launches biomass-balanced flexible polyurethane foam system for the North American furniture industry.BASF is expanding its product portfolio for the furniture industry with the introduction of biomass-balanced grades of Elastoflex® polyurethane systems. These mass-balanced products, along with several BASF plants, have received REDcert2 certification, including the recently certified facility in Livonia, Michigan, USA. Staci Wegener, Director of Polyurethanes for BASF in North America, stated, "Supporting our customers in achieving their sustainability goals is our top priority. With our new biomass-balanced products, our customers now have access to solutions that replace fossil-based raw materials with renewable alternatives, potentially significantly reducing the product carbon footprint compared to traditional polyurethane foam systems."5. Market Disrupted by Tariffs, Yet Brazil's Plastic Industry Sees Rising InvestmentsBrazil's plastics industry association Abiplast has revealed that despite potential tariff threats that could destabilize trade relations, the Brazilian plastics sector remains optimistic about investment prospects in the coming years, with an anticipated annual investment of 10.5 billion reais (approximately $1.8 billion). During the industry event "Plastivision Brazil," the association highlighted that factory expansion plans, innovations in sustainable packaging technology, the development of new recycling techniques, and the strengthening of reverse logistics will be key drivers of investment growth. However, influenced by multiple factors such as tariff threats from U.S. President Trump and fluctuations in the global market, the Latin American polyester market is entering a period of uncertainty.6. US PE and PP resin prices declineAccording to Resinsights, prices for prime polyethylene (PE) and polypropylene (PP) continue to decline, with the lower levels encouraging broader demand. However, the average transaction size remains relatively small as packaging trucks are favored over bulk railcars. Resin sales have shifted more towards the domestic market: European buyers have curtailed imports from the U.S. as they may face a 25% tariff on American resins, and if tariffs are imposed, they could also face the threat of local price increases. Latin American and Asian buyers, recognizing the potential reduction in U.S. resin substitute sales, have become more aggressive by lowering their bids. PP activity has returned to a more moderate pace, with completed transactions falling below the average level from a week ago. PP prices dropped another half-cent, marking the fourth consecutive week of declines."Plastic Film Waste 'Turns the Tables', Coveris Joins Forces with Nextek to Tackle Recycling Challenges" Austrian packaging manufacturer Coveris has partnered with UK-based environmental consultancy Nextek to "upgrade" the mechanical recycling of flexible polyethylene and polypropylene films into high-quality food-grade recycled resins and films. Nextek's COtooCLEAN technology, recently recognized by the Alliance to End Plastic Waste (AEPW), uses carbon dioxide to purify plastic film waste, which is then reprocessed to produce new food-grade films. Overseas macro market information:"Shell completes sale of Singapore Energy and Chemicals Park"Shell has completed the sale of its Energy and Chemicals Park in Singapore to a joint venture between Glencore and Indonesian chemicals maker PT Chandra Asri Pacific, the company said in a statement."Goldman Sachs Raises U.S. Recession Probability, Warns Tariff Policies Heighten Economic Risks"On March 30 local time, Goldman Sachs Group of the United States released a report raising the probability of an economic recession in the U.S. over the next 12 months from the previous 20% to 35%. The report stated that the U.S.'s aggressive tariff policies would increase inflation and unemployment rates, hinder economic growth, and elevate the risk of a recession. Goldman Sachs noted that "a sharp deterioration in household and business confidence, as well as remarks from White House officials indicating a greater willingness to tolerate short-term economic weakness to achieve policy goals," contributed to the upward revision of the recession probability. Following the implementation of President Trump's tariff policies, the U.S. economy would face broad negative impacts, with "the risks posed by tariff policies being greater than many market participants anticipated." Goldman Sachs also predicted that the average U.S. tariff rate would rise by 15 percentage points this year, 5 percentage points higher than previously expected. Higher tariff levels could keep inflation persistently elevated. The firm projected that by the end of this year, the year-on-year increase in the U.S. core CPI would reach 3.5%, significantly higher than the previous forecast of 2.8% and the Federal Reserve's 2% target. By then, the U.S. unemployment rate is expected to climb to 4.5%."U.S. Commerce Secretary urges companies to increase investments, American chip funding at a standstill."知情 sources say that U.S. Commerce Secretary Howard Lutnick has hinted he may reject promised Chips Act funding, as he is pushing companies eligible for federal semiconductor subsidies to significantly expand their investment projects in the U.S. Those familiar with the matter say Lutnick wants companies receiving incentives under the Chips Act to follow the footsteps of Taiwan Semiconductor Manufacturing Co., which recently announced it would invest an additional $100 billion at its U.S. facilities. Lutnick’s goal is to secure hundreds of billions of dollars in semiconductor investment commitments without increasing the scale of federal grants."Vietnam Officially Reduces Import Tariffs on Cars, Agricultural Products, and More"Vietnam has announced a reduction in import tariffs on a range of products, including liquefied natural gas and automobiles, with the tariff cuts taking effect on Monday. Vietnam has lowered the tariff rate for certain types of cars from a maximum of 64% to 32%, and the tariff rate for liquefied natural gas from 5% to 2%. The tariff rate for ethanol has been reduced from 10% to 5%. The announcement stated that import tariffs on agricultural products, including fresh apples, frozen chicken, almonds, and cherries, have also been lowered.IMF Chief Says Tariff Uncertainty Could Weigh on Global Economic GrowthOn March 31, Kristalina Georgieva, the President of the International Monetary Fund (IMF), stated in an interview that the uncertainty surrounding the U.S. government's tariff policies poses risks to global economic activity and could hinder global economic growth.Shell: Australia's Natural Gas Reservation Plan May Intensify ShortagesShell warned on Tuesday that a proposed Australian plan to mandate the release of export natural gas into the domestic market could deter investment and exacerbate supply shortages. As the Australian general election on May 3 approaches, energy issues have become a central campaign topic. The conservative Liberal-National coalition has pledged to reduce electricity prices through a gas reservation mechanism and prevent potential shortages on the east coast.Price information:CNY to USD Central Parity RateThe central parity rate of the Chinese yuan against the US dollar is reported at 7.1775, up by 7 basis points; the previous trading day's central parity rate was 7.1782, the official closing price was 7.2516, and the night session closed at 7.2570."Upstream raw material USD market prices"Ethylene Asia: CFR Northeast Asia $855/ton; CFR Southeast Asia $920/ton.Northeast Asia Propylene: FOB Korea average price $800/ton; CFR China average price $825/ton.North Asia frozen cargo CIF, closed for holidays.In April, the landed prices for refrigerated goods in South China were: propane at $639-$641 per ton; butane at $629-$631 per ton.The landed price of frozen goods in the Taiwan region, market closed.【LLDPE US Dollar Market Price】Film: $955/ton (CFR Huangpu), down $5/ton;Injection molding: $1010/ton (Dongguan Bonded Zone spot).【HDPE US Dollar Market Price】Film: 940-950 USD/ton (CFR Huangpu); Hollow: $890-$965 per ton (CFR Huangpu);Injection molding: $825/ton (CFR Huangpu), down $5/ton.【LDPE USD Market Price】Film: $1120-1130/ton (CFR Huangpu), down $20/ton.Coating: 1,360 USD/ton (CFR Huangpu). 【PP USD Market Price】Homo-polymer: $935-995/ton (spot), up $5/ton.Copolymer: $995-1060/ton (CFR Huangpu spot).Film material: 1030-1105 USD/ton (CFR Huangpu);Transparent: $1020-1050/ton (CFR Huangpu spot);The pipe material: $1160 per ton (CFR Shanghai).

Introduction: U.S. President Trump is expected to announce "reciprocal tariffs" on April 2. Industry analysts have summarized three main scenarios and their corresponding market impacts. First, if only reciprocal tariffs are announced, the market reaction may be relatively limited. Second, if reciprocal tariffs are combined with a value-added tax (VAT), the U.S. dollar index could immediately rise by 50–100 basis points, and global stock markets may also decline. Third, if industry-specific tariffs are added on top of reciprocal tariffs and VAT, the market reaction could be even more severe. How will the domestic chemical market respond in such a scenario?Overseas Macro: Global Attention on April 2nd U.S. "Reciprocal Tariffs"Since taking office, the actual tariff policies implemented by Trump: The Trump administration has imposed an additional 20% tariff on China, a uniform 25% tariff on steel and aluminum products, and additional tariffs on Mexico and Canada. On March 26, Trump also signed a proclamation announcing a 25% tariff on imported automobiles and certain parts.Trump is expected to announce "Reciprocal Tariffs" on April 2. Industry analysis suggests three key aspects to watch regarding the reciprocal tariffs: the scope of targeted countries, the tariff rates, and whether there are any exemptions. Trump's reciprocal tariffs primarily target economies that impose high tariffs on the U.S. and account for a significant share of trade. These may include Ireland, Germany, Italy, France, Switzerland, Japan, South Korea, India, Vietnam, Malaysia, Canada, Mexico, China, and other countries and regions.The 20 countries and regions with the highest trade volume with the United States.Data source: publicly available informationThe industry has summarized three main scenarios and their corresponding market impacts: The first scenario is the announcement of reciprocal tariffs only, which would lead to a relatively limited market reaction; the second scenario is reciprocal tariffs plus Value-Added Tax (VAT), under which the US Dollar Index might immediately rise by 50 to 100 basis points and the global stock market might also fall; the third scenario includes sector-specific tariffs in addition to reciprocal tariffs and VAT, and the market reaction in this scenario might be even more intense.Under the shadow of Trump's tariff policies, international trade is moving further down the path of deglobalization. Countries around the world may introduce more protectionist measures, hindering multilateral trade cooperation and further exacerbating global economic uncertainty.This week, the bulk commodity market experienced frequent fluctuations.From Monday to Thursday, the OPEC+ compensation production cut plan was announced, coupled with increased U.S. sanctions on Iran, leading to expectations of tight supply and strong support for oil prices. International crude oil prices rose consecutively, approaching the $70 mark. However, on Friday, concerns that Trump's tariff policies could disrupt supply chains and exacerbate global economic uncertainty caused international crude oil prices to retreat again.The new round of U.S. tariff policies has heightened market concerns over global trade friction, leading to a significant surge in gold prices this week. As of the close on March 28, spot gold rose by 0.94% to $3,084.33 per ounce, while COMEX gold futures increased by 0.88% to $3,118 per ounce, both hitting record highs.Chemical bulk: Spot market continues weak trend this week, futures only hold for two daysAccording to data monitoring by Jinlianchuang, in the domestic chemical spot market, from last week to this week, the overall market showed little change, continuing the weak trend observed since March.Data source: JLCFrom the perspective of the domestic chemical futures market, the chemical market closed this week with gains mainly on Monday (March 24) and Thursday (March 27). However, this upward trend only held for two days, as the market shifted back to a decline-dominated performance by Friday (March 28).Data Source: Jin Lian Chuan (Gold Union Creation)As shown in the above figure, according to the monitoring of the chemical industry index by Jinlianchuang, as of March 28, the chemical market and international crude oil trends have diverged significantly this week. International crude oil continued to strengthen above 69 but closed lower on March 28, although it did not break below 69. During the same period, the chemical industry index has been fluctuating downward around the 5200 mark and has now refreshed the new low since 2025.The market has certain expectations regarding the direction and magnitude of tariffs, and the short-term impact on the chemical market is relatively limited.Industry analysis suggests that the U.S. is likely to continue imposing tariffs on China, but the extent of the increase will likely not exceed expectations, with the primary aim being to exert pressure. Trump's core objective is to drive the reshoring of manufacturing. Currently, the actual implementation of tariff policies remains limited, and it is expected that the current tariff policies will remain highly uncertain, requiring ongoing monitoring of subsequent developments and reactions from all parties.In the face of this situation, export-oriented enterprises need to promptly adjust their production and strategies to mitigate risks. In the short term, the market has certain expectations regarding the direction and extent of tariffs, which limits the impact on chemical product prices; however, over the long term, this could lead to a decline in demand for chemical products exported to Europe and America. Enterprises will need to consider transformation or seek new sources of revenue.

According to Nikkei, Japanese automakers have been exporting more vehicles made in Mexico to the United States in recent months, apparently to increase inventory before the latest tariff policies by President Trump take effect.Image source: Honda Mexico websiteNikkei援引行业情报公司MarkLines的数据报道称，去年12月至今年2月，日本汽车制造商从墨西哥向美国出口了21.7万辆汽车，比上年同期增长17%。上周，特朗普宣布将从4月3日起对进口汽车征收25%的关税。Among them, Honda exported 43,000 vehicles from Mexico to the US market between last December and February, a year-on-year increase of 4%. The company produces the relatively low-priced HR-V model in Mexico, and exported a total of 170,000 HR-V vehicles to the US throughout 2024, accounting for its sales in the USCar salesThe reported impact of Trump's auto tariffs, including those on Canada, is expected to affect Honda by 700 billion yen (about $4.7 billion). The company has been taking measures to mitigate this blow.Shinji Aoyama, Honda's executive vice president in charge of risk management, said in February that the company would try to ship more cars produced in Mexico and Canada to the U.S. before the tariffs are officially imposed.Among all Japanese automakers, Toyota Motor saw the largest increase in car exports from Mexico to the U.S. between December last year and February this year, reaching 64,000 units—3.7 times the level of the same period the previous year. The company currently produces the Tacoma pickup truck model in Mexico. However, in late 2023 and early 2024, Toyota halted production in Mexico to transition to new models, resulting in a lower base figure.Seiji Sugiura, a senior analyst at Tokai Tokyo Intelligence Laboratory, stated, "There is strong demand for cars in the U.S. market. Considering Trump's tariffs, (automakers) may realize the necessity of increasing inventory."Reports suggest that the tariff policies of the Trump administration will force Japanese automakers to restructure their production networks in North America. Jennifer Safavian, president and CEO of trade organization Autos Drive America, stated in a release that automobile tariffs will ultimately lead to "higher prices, fewer consumer choices, and fewer manufacturing jobs in the U.S."

Officially taking office for more than two months, President Trump's tariff policy has achieved a significant victory.Hyundai Motor Group Unveils Largest-Ever Investment in the U.S.On March 25, Hyundai Motor Group, a South Korean automaker, announced that it would invest $21 billion in the United States from 2025 to 2028, mainly to expand production in the United States.Capacity productionIt will strengthen the future mobility ecosystem, advance future technology development, and enhance energy infrastructure in the United States. This not only marks the largest investment ever made by Hyundai Motor Group in the U.S. but also exceeds the group's cumulative investment total since entering the U.S. market in 1986 ($20.5 billion).Of the total investment of 21 billion USD, 9 billion USD will be used to enhance the production capacity of Hyundai Motor Group, increasing its annual production capacity in the U.S. from 1 million to 1.2 million vehicles and improving existing production facilities. Currently, Hyundai Motor Group has three plants in the U.S.: Hyundai Motor Manufacturing Alabama, Kia Autoland Georgia, and the newly opened Hyundai Motor Group Metaplant America (HMGMA) in Bryan County, Georgia.Three years ago, Hyundai Motor Group announced that it would invest $5.54 billion to establish its first manufacturing plant in the state of Georgia, USA.electric vehicleA dedicated factory and battery production facility, with the hope of becoming one of the top three electric vehicle manufacturers in the U.S. by 2026. According to the plan at that time, the new factory is expected to start commercial production in the first half of 2025, with an annual capacity of 300,000 vehicles. Thanks to the latest $9 billion investment, the annual capacity of the HMGMA factory will be increased to 500,000 vehicles.HMGMA factory opening ceremony; Image source: Hyundai Motor Company's official websiteTo ensure supply chain security, Hyundai Steel Company, part of the modern automotive group Hyundai, plans to invest $5.8 billion in building a steel manufacturing plant in Louisiana, USA, which will be its first factory overseas. According to information on the official website of the Louisiana state government, the factory in the state by Hyundai Steel is expected to begin construction in the third quarter of 2026, creating 1,400 direct jobs with an average salary of $95,000, and will indirectly create 4,100 new jobs.Hyundai Steel stated in a press release, "We will supply steel produced at U.S. factories for strategic models manufactured by Hyundai and Kia in the United States, while also exploring supply agreements with automakers in Latin America and Europe." Euisun Chung, Chairman of Hyundai Motor Group, said that the factory "will serve as the foundation for the group to establish a more autonomous and secure automotive supply chain in the United States."Multiple automakers increase investments in the USIn fact, before the Hyundai Motor Group announced its new investment plan, several automotive manufacturers had already indicated that they would increase or consider increasing their investments in the United States.Just two days after Trump officially took office as president, Stellantis announced the restart of its Belvidere, Illinois plant, which will begin producing a new mid-size truck starting in 2027. Stellantis also committed to producing the next-generation Dodge Durango SUV at its Detroit Assembly Plant in the U.S.; investing in its Toledo, Ohio plant to provide additional technology and robust product enhancements, as well as increasing automotive parts production at the Toledo Machining Plant.OutputProvide operating funds for the factory in Kokomo, Indiana, to produce the new GMET4 EVO engine.At the end of January this year, foreign media reported that German automaker Volkswagen Group was considering establishing production bases in the United States for its premium brands Audi and Porsche to avoid the impact of Trump's tariffs. So far, these two brands have not produced cars in the U.S., making them highly vulnerable to American import tariffs.In February, Makoto Uchida, then CEO of Japanese automaker Nissan, hinted that Trump's tariffs might prompt the company to move its auto production out of Mexico. According to information on the White House website, Nissan is considering shifting production to the United States.In early March, another Japanese automaker, Honda Motor, was reported to be producing its next-generation Civic hybrid model in Indiana, USA. The model was originally scheduled to start production in Mexico in November 2027, but under the pressure of tariffs, Honda decided to begin production of the new Civic model in Indiana in May 2028, with an expected annual output of approximately 210,000 units.In mid-March, Volvo Cars' CEO Jim Rowan stated that the company might relocate the production of some models to the United States depending on the U.S. tariff policies. Currently, Volvo Cars manufactures its all-electric flagship SUV, the EX90, at its Charleston, South Carolina plant in the U.S., but it also imports hybrid and electric vehicles from Europe.In addition to automobile manufacturers, many large companies have announced increased investment efforts in the United States. According to data released by the U.S. government website, since Trump took office, both domestic and foreign companies have pledged trillions of dollars in new investments, such as Project Stargate, Apple, NVIDIA, TSMC, and others.Trump is very proud.During the campaign, Trump consistently claimed that he would adopt tariff policies to strengthen domestic production in the United States. Since taking office, Trump has announced multiple tariff policies, including a 10% tariff on products from China and a 25% tariff on all steel and aluminum imported into the U.S. On March 26, Trump officially announced that starting from April 3, a 25% tariff would be imposed on imported automobiles and light trucks.Several companies have successively announced increased investments in the United States, both in timing and scale representing a direct response to U.S. government trade policies, aiming to mitigate the risks brought about by Trump's imposition of comprehensive tariffs.For example, Hyundai Motor Group built a steel plant in the United States to reduce the impact of import tariffs and expand in the U.S.Car productionIt is the same. In 2024, Hyundai Motor and Kia Motors sold 1.7 million vehicles in the U.S. market, a 3.4% increase from the previous year, making them the fourth-largest automotive group in the U.S. According to Edmunds, 52.3% of the vehicles from the three brands under the Hyundai Motor Group were imported from South Korea.Image source: White House X accountRegarding Hyundai Motor Group's investment plan in the United States, Trump proudly stated that it is "obvious" that his tariff policy is "very" effective. To highlight this achievement, Trump specifically announced Hyundai Motor Group's plan for additional investment at the White House. The White House also emphasized this "victory" in a press release, stating that this investment is another success of President Trump's "America First" initiative, further proving that President Trump's decisions are having an impact.Trump stated, "Tariffs have brought their (investment) to unprecedented levels. Hyundai will produce steel in the U.S., and manufacture cars in the U.S. Therefore, they won't have to pay any tariffs. That's why so many people are coming." It is unclear whether Trump is conveying a message supporting localized production or hinting at exempting Hyundai Motor Group from specific tariffs. However, Trump's remarks suggest that the group's proactive investment commitments may receive preferential treatment under the U.S. government's new trade policies.Trump also stated that Hyundai Motor Group is a "truly great company," adding that "there are other great companies coming, and some companies will stay here and expand vigorously. We are very interested in every business." We look forward to seeing which companies will increase their investment in the United States in the future.