US to strengthen enforcement of the ban on imports of cotton products from Xinjiang

From June 2022, US Customs will step up inspections of cotton imports from China, regardless of the terms of trade (LDP/FOB/CIF, etc), and will be able to seize the goods outright. The Biden administration will still block Chinese imports due to high-level disagreements and the risk of Republican attacks of being "soft on China".

 

Recently, Foreign Minister Wang Yi said in a video conference that Sino-US relations could not deteriorate any further and that the right choice had to be made, and it remains to be seen whether the foreign trade environment for China and the US will improve.

 

As of May 19, the progress of cotton sales in Xinjiang was only 49.3%, down 47.7 percentage points year-on-year. And bank loan "double zero" date is approaching, cotton companies continue to increase the pressure to repay loans, and sales quotes have been adjusted downward, bringing a drag on Zheng cotton, which fell to 20000 yuan/ton near.

 

The current cotton prices have been seriously "wounded", not only have ginners lost money, but even the lending banks are also facing a huge risk of corporate inability to repay, the parties called on government departments as soon as possible to protect the cotton industry in Xinjiang, cotton processing industry, in this position is likely to appear policy intervention.

2023-03-29 14:14