Trump Announces Reciprocal Tariffs, TikTok Shop Sees GMV Surge During Ramadan and Moutai Reports Profit Growth
Trump Announces Reciprocal Tariffs, Imposing 34 Percent on Chinese Goods
Donald Trump has announced broad tariff measures, imposing a 10 percent duty on all trading partners and additional tariffs on countries deemed to have unfair trade practices. China faces a 34 percent tariff, while the EU, Japan, and India also face significant increases. The policy excludes certain goods like steel, aluminum, and energy products. Markets reacted with volatility, with S&P 500 futures dropping over 3 percent. The EU and other affected countries are considering countermeasures, including tariffs on U.S. goods and potential restrictions on American companies.
Moutai Reports its Net Profit Growth in 2024
Traditional Chinese Liquor Brand Guizhou Moutai announced its 2024 annual report, showing a 15.71 percent increase in net profit to 86.23 billion yuan. The company’s total revenue reached 174.1 billion yuan, also up by 15.66 percent. This growth was driven by increased sales and a price adjustment for its flagship Moutai liquor, which saw a 20 percent price hike in October 2023. Moutai’s series liquor revenue grew by nearly 20 percent, while export sales surpassed 5 billion yuan for the first time.
QVC Group Expands TikTok Partnership for 24/7 Live Shopping
QVC Group is expanding its collaboration with TikTok, launching 24/7 shoppable livestreams featuring a wider range of brands and products. The company has consolidated U.S. operations at its Studio Park headquarters and is working with TikTok creators nationwide. Social shopping is a key part of QVC’s growth strategy, as it adapts to evolving consumer trends. TikTok Shop, launched in the U.S. in 2023, continues to grow, recently expanding into France, Germany, and Italy.
Jo Malone London Announces Jing Boran as New Body Care Ambassador
Jo Malone London introduced Chinese actor Jing Boran as the brand ambassador for its new body care line while unveiling the “Sensory Bath” collection. Inspired by the last Roman bath in Bath, England, this collection captures the essence of natural botanicals. To celebrate the launch, Jo Malone London will host an immersive pop-up event in Shanghai from April 4 to April 6, inviting visitors to experience the sensory journey of fragrance.
Toteme Opens First China Flagship Store in Beijing’s Taikoo Li Sanlitun
Swedish minimalist brand Toteme has opened its first China flagship store in Beijing’s Taikoo Li Sanlitun. Designed by Swiss architecture firm Herzog & de Meuron, the 1,615-square-foot space features a pleated white stone façade, high-gloss black lacquered wood interiors, and a white steel staircase connecting two levels. The store offers the full Spring 2025 collection and three exclusive colorways of the Bevel bag.
China Resources Land Reports 2024 Earnings, Expands Shopping Center Portfolio
China Resources Land reported an 11.0 percent revenue increase to RMB 278.8 billion for 2024, while net profit declined 18.5 percent to RMB 25.6 billion. The company’s commercial property business, including shopping centers, generated RMB 23.3 billion in revenue, up 4.8 percent, with a core net profit of RMB 8.56 billion. Shopping center rental income rose 8.4 percent to RMB 19.3 billion, with an occupancy rate of 97.1 percent. In 2024, 16 new shopping centers opened, bringing the total to 92, with plans to reach 116 by 2028.
Ruohan Nie Wins 2025 Sustasia Fashion Prize for Sustainable Innovation
The 2025 Sustasia Fashion Prize, was awarded to designer Ruohan Nie (RUOHAN) at a ceremony held at Suhe Haus in Shanghai. An exhibition featuring works from eight finalists has also opened, showcasing designs that integrate sustainable materials and craftsmanship. The competition explores the intersection of regional culture, traditional techniques, and global sustainability innovation in fashion.
TikTok Shop Sees 24x GMV Surge During Ramadan
TikTok Shop’s first Ramadan sales event since integrating with Tokopedia saw a 24-fold increase in live-streaming GMV and a 40 percent rise in sellers. Over 72 million e-commerce videos contributed to more than 2 billion views. In Indonesia, Tokopedia’s Ramadan GMV grew fivefold, with 500,000 merchants completing cross-border orders. Key brands like Hijab Queen set new records, selling out in minutes. TikTok Shop invested $20 million in logistics, processing over 8.5 million parcels.
