U.S. President Trump delivered a speech in a public venue on Tuesday (April 22) local time,He acknowledged that the current tariffs on imports from China are too high and predicted a significant reduction in tariff rates.This marks a shift in Trump's attitude towards his signature tariff policy. On Tuesday, U.S. Treasury Secretary Becerra also stated at a JPMorgan event that the trade war between China and the U.S. will soon cool down.

On April 22, local time, the International Monetary Fund released the latest World Economic Outlook report, lowering its global economic growth forecast for 2025 from 3.3% at the beginning of the year to 2.8%. The projection for 2026 is expected to be 3%. The impact of U.S. tariff measures and policy uncertainties will lead to a significant slowdown in the global economy in the short term.

At today's regular press conference of the Ministry of Foreign Affairs, a reporter asked about the latest statement on the White House's official website, which indicated that due to China's retaliatory measures, the U.S. has increased tariffs on China to 245%. In response, Foreign Ministry spokesperson Lin Jian stated that for specific tariff rates, you may ask the U.S. side. China has repeatedly clarified its firm stance on the issue of tariffs. This tariff war was initiated by the U.S., and China has taken necessary countermeasures to safeguard its legitimate rights and interests as well as international fairness and justice, which is completely reasonable and lawful. There are no winners in a tariff war or trade war. China does not wish to fight, but will never shy away from it.

On April 16, at the regular press conference of the Ministry of Foreign Affairs, a journalist asked about the latest statement on the US White House website, which said that due to China's retaliatory measures, the US tariffs on Chinese goods have been increased to 245%. In response, Foreign Ministry spokesperson Lin Jian stated that for specific tariff figures, you may want to ask the US side. China has repeatedly clarified its solemn position on the issue of tariffs. The tariff war was initiated by the US side, and China has taken necessary countermeasures to safeguard its own legitimate rights and interests and international fairness and justice, which is entirely reasonable and legal. There is no winner in a tariff war or a trade war. China does not want to fight one, but it is also absolutely unafraid to do so.

On April 16th, the National Bureau of Statistics released economic data for the first quarter of 2025. Preliminary calculations show that the Gross Domestic Product (GDP) for the first quarter was 31,875.8 billion yuan, a year-on-year increase of 5.4%, and a increase of 1.2% compared to the fourth quarter of the previous year. It ranks among the top in the world's major economies. In the first quarter, the value added by industrial enterprises above designated size grew by 6.5% year-on-year. In March, the actual increase compared to the same period last year was 7.7%.

According to global energy and chemical industry market information service provider IHS Markit, the U.S. polyvinyl chloride (PVC) market is expected to grow by 1% to 3% by 2025. However, it is facing challenges due to the dual impact of tariffs imposed by the Trump administration and a sluggish U.S. economy. In the fourth quarter of last year, new PVC production capacity was brought online, and the operating rate of facilities has remained high, resulting in sustained high inventory levels for PVC at the beginning of this year. At the same time, due to the weak U.S. economy, the real estate market is confronted with challenges from high housing prices and high borrowing costs. As a major end market for PVC, the sluggish real estate market has also led to a decrease in PVC demand. Additionally, the export market is facing challenges from protectionist trade policies.

Recently, a global energy and chemical industry market information service provider reported that U.S. chemical companies are facing shrinking profits due to price fluctuations in oil and natural gas, along with the impact of tariffs and economic uncertainties. 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 fall by 6.7% in 2025 and by an additional 7.9% in 2026. The cost of chemical raw materials in the U.S., particularly ethane, fluctuates with changes in natural gas prices. It is estimated that the average price of U.S. natural gas will rise by 66.8% in 2025 and by another 3.9% in 2026. These trends will inevitably squeeze the profit margins of U.S. ethylene producers. However, demand for ethylene is declining. Tariffs have increased the import costs of raw materials used in the production of catalysts and plastic additives, and the EU and Canada may impose retaliatory tariffs on polyethylene exported from the U.S. John Hanson, CEO of U.S. chemical producer Huntsman Corporation, expects that due to uncertainties in tariffs and mortgage interest rates, the recovery of the U.S. real estate market may be delayed, and continued weakness in the construction sector's demand for ethylene will further exacerbate the instability in the ethylene market.

On April 14, according to data released by the General Administration of Customs, in yuan terms, China's imports in March decreased by 3.5% year-on-year, while exports increased by 13.5% year-on-year; in dollar terms, China's imports in March decreased by 4.3% year-on-year, while exports increased by 12.4% year-on-year.

According to the Customs Law of the People's Republic of China, the Foreign Trade Law of the People's Republic of China, and other relevant laws and regulations, as well as the basic principles of international law, and with the approval of the State Council, the Tariff Policy Committee of the State Council has issued an announcement.Effective from April 12, 2025, the additional tariff rate specified in the "Announcement of the Customs Tariff Commission of the State Council on Adjusting the Additional Tariff Measures on Imported Goods Originating from the United States" (Announcement No. 5 of 2025 by the Tariff Commission) will be increased from 84% to 125%.Other items shall be implemented in accordance with the announcement "On the Imposition of Additional Tariffs on Imports Originating from the United States" (Announcement No. 4 of 2025 of the State Council Tariff Commission).

On April 11, Foreign Ministry Spokesperson Lin Jian presided over a regular press conference. In response to a question from a journalist about US claims that US tariffs on China have reached 145%, Lin Jian stated,China has stated its firm position on the tariff issue multiple times. There is no winner in a tariff war or a trade war. China does not want to fight, but it is also not afraid to fight.I would like to emphasize that if the US side truly wishes to resolve issues through dialogue and negotiation, it should cease its maximum pressure tactics and stop acting recklessly. Any dialogue must be based on equality. If the US insists on waging a tariff war or trade war, China will see it through to the end. China is a responsible country, and we take countermeasures against US bullying not only to protect our legitimate rights and interests, but also to uphold the rules and order of the game. In order to safeguard the common interests of countries around the world and to uphold international fairness and justice, there is no way out in the face of US bullying and aggression through compromise and concession.

On April 7th, in response to the applications submitted by U.S. companies CoolSeal USA Inc., Inteplast Group Corporation, SeaCa Plastic Packaging, and Technology Container Corporation on March 18, 2025,The U.S. Department of Commerce announced the initiation of anti-dumping and countervailing duty investigations on polypropylene corrugated boxes imported from China, and an anti-dumping investigation on polypropylene corrugated boxes imported from Vietnam.This case primarily involves products under US Harmonized Tariff Schedule (HTS) subheading 3923.10.9000. The US International Trade Commission (ITC) is expected to make an preliminary injury ruling no later than May 2, 2025. If the ITC determines that the importation of the subject merchandise is causing or threatening to cause material injury to a US industry, the US Department of Commerce will continue its investigation and is expected to make its preliminary countervailing duty determination by June 11, 2025, and its preliminary antidumping determination by August 25, 2025.

Foshan Botel Plastic Products Co., Ltd. has issued a statement saying that due to changes in the international trade environment, the United States has imposed a 104% high tariff on the export products of our country's foreign trade enterprises. All of our factory's products are exported to the United States, and the current situation has caused a significant fatal impact on the company's production and operation. After careful consideration of the management, it has been decided that, due to helplessness, we will start to implement an intermittent suspension of work arrangement from now on, and the suspension of work is temporarily delayed until April 20, 2025. If there is any change, we will make arrangements again.