website of the Footwear Distributors and Retailers r to an

Different from the first several batches of tariffs that focused more on industrial and agricultural products, the most rece

nt 25 percent tariffs on Chinese imports target mostly consumer products, including sneakers, clothing and furniture.

Trump has, on his Twitter account, asserted that “there is no reason for the U.S. Consumer to pay the Tariffs”.

The open letter, however, said “there should be no misunderstanding” that US consumers pay for tariffs on products that are imported.

“As an industry that faces a $3 billion duty bill every year, we can assure you that any incr

ease in the cost of importing shoes has a direct impact on the American footwear consumer,” it said.

It is an “unavoidable” fact that as prices go up at the border due to transportation costs, labor r

ate increases or additional duties, the consumer pays more for the product, the footwear trade and business association said.

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Many countries along the Belt and Road have high moun

tains, deserts, oceans and a lack of accurate meteorological information. The number o

f meteorological disasters in the regions is more than double the global average, the administration said.

Wei Caiying, deputy general-director of the National Satellite Meteoro

logical Center, said that real-time disaster monitoring by meteorological satellites coul

d provide these countries with a scientific basis for disaster prevention and reduction.

“Weather-related disasters such as typhoons pose a threat to life and property. T

racking their path could help local authorities decide how to proceed with evacuations,” she said.

In addition to real-time monitoring, the China Meteorological Administration set up the Emergency Support Mechanism for int

ernational users of Fengyun satellites last April, which covers disaster prevention and mitigation.

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Luckin, a Starbucks rival in China, rises in US stock debut

Shares of Luckin Coffee, a fast-growing rival to Starbucks in China, rose 20 percent in their US stock market debut Friday.

The Chinese company, which opened its first store in Beijing less than two years ago, has

2,370 locations and plans to surpass the 3,700 stores Starbucks has in China by the end of the year.

But unlike Starbucks, Luckin is losing money.

It brought in $125 million in revenue last year, but spent much more th

an that on coffee beans, store rent and other costs. Last year, it lost $475 million.

Most of Luckin’s stores are small, have few seats and are used mainly as a place to pick up mobile orders.

It also offers delivery in 30 minutes and promises a refund for delays or spilled drinks.

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School students and adult visitors learn about making print

In celebration of this year’s International Museum Day, the Palace Museum in Beijing turned itself into a dynamic stage on Saturd

ay and offered a variety of activities to echo this year’s theme, “Museums as Cultural Hubs: The Future of Tradition”.

Students and adult visitors were invited to the museum to learn about making prints and carving stamp seals and to learn about

the appreciation of and technological methods being used in the conservation of the age-old buildings at the Palace Museum.

The Chinese Musicians Association’s choir gave an outdoor performance. An exhibitio

n opened showing dozens of lithographs by artists from countries involved in the Belt and Road Initiative.

Wang Xudong, director of the Palace Museum, says it’s a duty for museums to provide a plat

form for scholars to exchange their academic findings, for artists from different cultural bac

kgrounds to show their work and boost mutual respect, and for children to pass traditions into the future.

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The number of captive pandas was 548 globally as of No

All outdoor activities are banned on Monday at all middle and

primary schools, kindergartens and middle voc

ational schools in Beijing, Beijing Municipal Education Commission said via Sina Weibo on Monday.

The move was taken after at least four people died in strong winds a day earlier.

Such activities include flag-raising ceremony, morning exercises and outdoor social practices.

At least four people were killed, more than 50 flights were diverted to other airports and two trains arrived late in Beij

ing on Sunday when strong gales flattened walls, knocked down trees and damaged farms.

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he transformation and upgrading of existing industries

thanks to measures to stimulate innovation, optimize the business environmen

t and public services, and to strengthen opening-up and cooperation in the digital sector.

“China’s high-tech industries, represented by new technologies, new industr

ies, and new products, have maintained rapid growth in recent months,” she said.

According to the commission, output in the high-tech manufacturing sector rose 8.7 percent ye

ar-on-year from January to April, 2.5 percentage points higher than that of industrial output. High-tech ma

nufacturing output was responsible for 13.6 percent of industrial output, 1 percentage point higher year-on-year.

Output of the electronics and communication equipment manufact

uring sector, pharmaceutical manufacturing and aerospace and equipment manufacturing wer

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it has long been prepared for the “extreme scenario” of the US blo

access to some components and technologies.

“We have been developing backup products for years in anticipat

ion. … Such efforts can ensure the strategic safety of most of the company’s products an

d a continuous supply of most products,” said HiSilicon President He Tingbo in an internal letter.

Foreign Ministry spokesman Lu Kang said at a news conferen

ce on Friday that the development and utilization of 5G depends on global cooperation, and inte

rference by the US undermines the principle of fair competition and shows a lack of respect for other countries.

HiSilicon, which was founded in 2004, has designed chipsets like Ki

rin, which has been used in Huawei’s high-end smartphones. In addition to server chips, th

e company has also developed chips for base stations, basebands and chipsets powered by artificial intelligence.

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Huawei said in a statement on Thursday that restricting t

 company from doing business in the US will not make the US more secure or stronger.

“Instead, this will only serve to limit the US to inferior, yet more expensive alternatives, leav

ing it lagging behind in 5G deployment and eventually harming the interests of US companies and consumers.”

The company said it is ready and willing to engage with the US government to come up with effective measures to ensure product security.

In response to the ban on Huawei buying parts from US companies, the company said such a deci

sion will “do significant economic harm to the US companies with which Huawei does business, affect tens of t

housands of US jobs and disrupt the current collaboration and mutual trust that exist in the global supply chain”.

Wang Peng, deputy head of the China Center for Information Industry Development, said the new US moves will disrupt the whole global electronics in

ustry and hurt a string of US companies that supply chips and other components to Huawei.

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The US’ monetary hegemony is itself a big impedim

ment to the reindustrialization process, which could be viewed as a sort of financial Dutch disease-the apparent causal relationsh

ip between the increase in the economic development of a specific sector and a decline in other sectors. The more

heated the US stock market gets, the more serious the Dutch disease will become. And, ironically, the US leader is k

een on strengthening the stock market to showcase his political and economic track record.

Besides, the US administration cannot launch large-scale infrastructure construction projects, significantly red

uce the trade deficit with China and deny Chinese investors access to its market all at the same time.

The US’ trade deficit stems from its extremely low national saving

s rate and has to be compensated by other countries’ national savings, which in turn

adds to the trade deficit. On the other hand, China’s efficiency in the manufacturing industry mak

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attracting talents and capital. This in turn prompts the autho

rities to introduce more favorable policies and regulations for the enterprises bas

ed in the US, which is essentially a combination of representative democracy and market econ

omy. Under such circumstances, how can the US promote sustainable reindustrialization?

Besides, reindustrialization is not possible without rebuilding or strengthen

ing infrastructure facilities. And although the US leader has been claiming to implement a trillion-dollar infrastructure

plan-and even made it one of the pillars of his “Make America Great Again” campaign-not much has come of it.

Another major problem is that the return on equity in the infrastructure sector is a mere 3 percent w

hile that in the US capital market is about 12 percent. So how can the US attract more private cap

ital to the infrastructure sector without guaranteeing a return on equity equal to that in the capital market?

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