China urges exporters to diversify amid tariff pressures

The ongoing trade war between the U.S. and China has escalated, with President Trump's tariffs on Chinese imports reaching 145%, prompting China to retaliate with 125% tariffs on U.S. goods. In response to these challenges, Chinese Premier Li has urged exporters to diversify markets and stabilize foreign trade, while emphasizing the importance of boosting domestic consumption. Meanwhile, a CNBC survey highlighted that U.S. manufacturers are skeptical about reshoring production, with 74% citing high costs as a major barrier and suggesting that relocating to lower-tariff countries might be more feasible. Concerns about the Trump administration's inconsistent trade strategies are also prevalent among manufacturers. In light of these tariffs, companies across various sectors are scrambling to adjust their supply chains, with some attempting to expedite shipments to avoid increased costs. The uncertainty surrounding these tariffs is reshaping global trading dynamics and affecting companies' operational strategies.