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Attention: What Impact Will Biden Bring To The Textile And Garment Market

2021/1/23 16:22:00 0

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What Impact Will Biden Bring To The Textile And Clothing Market

Biden, the new president of the United States, officially took office, and the impact of the new term on the U.S. and global markets has been discussed by all parties in the market. Since the outbreak of the Sino US trade war in 2018, the United States has raised import tariffs on some textiles and garments from China, which has had a great impact on China's cotton textile market. Since then, the trump government has repeatedly launched difficulties and even issued bans on Xinjiang cotton and its products, and listed relevant enterprises in the physical list, which has brought adverse effects on the market. As a result, the domestic market expects Biden to take office to warm up bilateral trade between the two countries and reverse the situation of "decoupling" of the economy.

China is the world's largest consumer of cotton textiles, but also an important global processing place, cotton production has been maintained in the top three of the world. In particular, Xinjiang's cotton production has accounted for nearly 90% of China's cotton production. A large number of yarns exported to Europe, the United States and Japan are basically used in Xinjiang cotton. Therefore, many regions in the world will see the shadow of Xinjiang cotton, which will involve China's processing industry. ?

As an indispensable living material, China's cotton textile industry has been integrated into the world. Therefore, simply raising tariffs and restricting imports are not conducive to the rights and interests of American consumers, but also detrimental to the economic integration between China and the United States. In particular, since the signing of the first phase of Sino US economic and trade agreement, China has increased the purchase of American cotton and other agricultural products, and the two countries have been carrying out tariff elimination work. The industry expects that the new US government will promote the industrial development of the two countries to a new height. ?

Since the outbreak of the epidemic in 2020, in order to meet the needs of China and the global market for medical protective clothing, masks and other materials, some textile enterprises in China have adjusted the production direction in time, expanded the production capacity of protective materials, and enhanced their own competitiveness. At the same time, they avoided the risk of continuous decline in benefits and realized turning losses into profits. As a result, it indirectly promoted the improvement of domestic cotton consumption and boosted the confidence of cotton market operators. ?

As for the future development direction of the two major economies of China and the United States, there are various views in the market. In dealing with the relevant interests, competition between the two sides may not be avoided. However, whether the ruling party of the United States can take reasonable measures to promote the development of trade between the two countries is the key. According to some relevant people in the United States recently, the Biden administration may not adjust the early Sino US trade policy soon, but will focus on how to promote bilateral trade in the later stage, and pay attention to the benefits of trade with China on the US economy and employment. ?

In addition, the new U.S. government will control the U.S. epidemic situation and expand fiscal stimulus as soon as possible, which may promote the recovery of global and domestic cotton markets to a certain extent.