Fastener Shanghai
Official WeChat
fastenerfastenerBuyers' Guidefastener
fastenerStandard Searchfastener
fastenerFor Buyersfastener
fastenerFor Suppliersfastener
fastenerTrade Showsfastener
fastenerMy Officefastener
fastenerPost Inquiriesfastener
Home->Fastener News->Vietnam Says Some Chinese Exporters Are Using Fake...You are the 682322 visitors
Views:538   |   recommendation:   |   Votes:0   |   Discuss:0
Vietnam Says Some Chinese Exporters Are Using Fake ‘Made-In-Vietnam’ Labels To Avoid US Tariffs

Some Chinese exporters are putting fake “Made-in-Vietnam” stickers to try to avoid U.S. tariffs, Vietnam alleged Sunday.

Vietnam said in a government statement that it found dozens of cases where Chinese exports, including textiles, iron, steel, and aluminum, are being illegally transferred to Vietnam where fake stickers are then placed on them so China can skirt the recent tariffs imposed by the U.S. The Vietnamese government also stated it is planning to increase the penalties on trade fraud and is developing an inspection process for goods that are particularly at risk.

U.S. customs officials have uncovered Chinese plywood shipped to America through a Vietnamese company with “Made in Vietnam” stickers, according to the statement. These shipments are “relatively small” when compared to China’s overall exports, Bloomberg reported.

“A cottage industry for circumventing U.S. tariffs will likely bloom, given the high tariff rates and huge potential profit,” said Chua Hak Bin, a senior economist at Maybank Kim Eng Research Pte. in Singapore, according to Bloomberg.

Goods on China now have a 25% tariff. The U.S. raised the tariffs from 10% to 25% in May, increasing tariffs on about $200 billion worth of Chinese goods. Beijing then increased tariffs on $60 billion worth of U.S. goods. This follows a short truce between the U.S. and China when the countries agreed to not have any new tariffs.

Vietnam was recently put onto a currency manipulation watchlist in May by the U.S. Treasury Department, and Do Van Sinh, a standing member of the National Assembly’s economic committee, said in the government statement that Vietnam is worried that the U.S. may punish them because of incorrectly-labeled Chinese goods that have entered America.

Vietnam pushed back on being added to the watchlist, saying that its exchange rate wouldn’t create an unfair advantage in trade. Deputy Prime Minister Pham Binh Minh said that gross domestic product may even decrease by $256 million over the next five years, Bloomberg reported.

China’s shipment to the U.S. this year has decreased, and Vietnam’s shipments have shown a big increase. This could be due to changing supply chains, but some believe that more of the increases may be fraudulent, according to Bloomberg.

Source: Daily Caller News Foundation

2019/6/21 15:32:00

Previous:    China to be world's largest aviation market in 3-6 yrs
        Next:    European Market Shines under China-US Trade Tension—Industry Tools by Ferroforma Attracts More Than 19,534 professionals

Recent Related News
China has to take countermeasures in response to U.S. announcement of tariff hikes--2019-08-16
Trump delays some tariffs on Chinese imports--2019-08-14
Trump slaps 400% tariff on Vietnamese steel--2019-07-05
U.S. Companies' Message to Trump: Don't Expand China Tariffs--2019-06-18
Over 600 U.S. firms urge Trump to solve China trade dispute--2019-06-14
How Trump Tariffs on China and Mexico Could Hurt U.S. Economy--2019-06-10
Trump’s tariff threat to Mexico may upend trade deal, undermine the economy--2019-05-31
U.S. agrees to lift metal tariffs on Canada, Mexico--2019-05-21
US raises tariffs on $200bn of Chinese goods, incl. fasteners--2019-05-10
Europe threatens tariffs on American ketchup, cheese and fish over Boeing subsidies--2019-04-19
US floats tariffs on $11bn of EU products--2019-04-15
Canada Launches Re-investigation on Carbon Steel Fasteners from Mainland China and Taiwan--2019-04-11

Vote for this news?

fastener(Very Good)
fastener(Very Bad)

More Discuss...
Your Name: Anonymous

Enter the code shown:fastener2fastener

Fastener Trade Show Suzhou

China Fastener Directory
Get it FREE!
Get your CFD at the following shows:

•The Fastener Exhibition & Conference, Sep 11-12, 2019, Birmingham, UK

•International Fastener Expo, Sep 17-19, 2019, Las Vegas, USA

•wire & Tube Southeast Asia, Sep 18-20, 2019, Bangkok, Thailand

Show Room

Offer Product

Latest News
• Bossard buys aerospace distribution business

• Nedschroef appoints Dr Matthias Sckuhr as the new CEO

Buyers' Guide
Company News

• YuYao No. 2 Standard Fastener/YuYao Biaoer: A Reliable Partner For Eyebolts

• Yuxin Fastener System: Dedicated to Becoming the Leading Manufacturer of Anchors in China

The Way to Enter Chinese Market
The Way to Enter Chinese Market