Major players including JD.com and Freshippo have launched initiatives to help trade firms that would normally export their products to sell them at home, while a number of leading national industry associations have vowed to open up domestic sales channels for exporters.
In a joint statement on Friday, the China General Chamber of Commerce and seven other associations said the US’ escalating tariffs meant “it has become an urgent priority to expand the domestic market, promote integration between domestic and foreign trade, and facilitate the transition of export goods for local consumption”.
Goods trade between the world’s two biggest economies has become commercially impossible after a series of back-and-forth tariff salvoes.
Washington has imposed a 145 per cent tariff on Chinese imports this year, bringing the effective tariff rate to about 156 per cent. Meanwhile, Beijing’s new levy on US goods has risen to 125 per cent, also on top of earlier-imposed tariffs.
