<p>尽管美国与中国达成贸易协议的消息将为全球贸易带来利好，但企业仍在寻求创造性解决方案，以降低货物运输的出口成本。</p>
<p>特朗普政府在 2025 年 4 月宣布的互惠关税在中国引发了震动，中国是全球最大的商品出口国。</p>
<p>2024 年，中国的总出口额达到了 [3580 亿美元](https://www.statista.com/statistics/264623/leading-export-countries-worldwide/#:~:text=Leading%20export%20countries%20worldwide%202024
&amp;text=The%20value%20of%20exports%20from,highest%20exports%20worldwide%20that%20year.
&amp;text=The%20value%20of%20goods%20exported,trillion%20U.S.%20dollars%20in%202023.
&amp;text=The%20United%20States%20recorded%20an,about%203.17%20trillion%20U.S.%20dollars.)，比第二名的美国高出超过 15 亿美元。</p>
<p>中国的出口速度如此之快，以至于东南亚国家与世界的贸易顺差 首次超过 1 万亿美元，预计到 2025 年底可能攀升至 1.23 万亿美元。</p>
<p>尽管中国的出口增长势头强劲，但国内各个行业仍然对美国贸易关税的提高和不确定的政治环境感到担忧，这可能会削弱未来的利润空间。</p>
<p>中国的经济复苏可能会持续较长时间，因为政府继续推出刺激计划以支持增长，越来越多的公司利用贸易挑战寻找通过重新安排货物的机会。</p>
<h2>解决关税挑战</h2>
<p>尽管美国与中国达成贸易协议后，特朗普的 “解放日” 关税降至 10%，但牛津经济研究院的研究表明，2025 年 11 月中国商品进入美国的有效关税率仍高达 29.3%。</p>
<p>虽然这比贸易协议前的 37.1% 有所下降，但仍将对出口商造成财务压力。</p>
<p>值得注意的是，钢铁和铝制品及其衍生品的关税仍为 50%，铜的关税也是如此。其他商品如无机化学品和动物及植物产品则面临 25% 的附加关税。</p>
<p>这些挑战促使出口商通过第三国绕过美国关税，这有助于掩盖其货物的来源，从而打开了更低关税的可能性。</p>
<p>主要中国企业积极寻求像马来西亚这样的 绕道选项 来运输货物，在产品送往美国之前，可以在马来西亚重新签发原产地证书。</p>
<p>马来西亚成为中国企业出口绕道的热门目的地，因为特朗普政府在 7 月将其基本关税率从 25% 降低至 19%。关键是，许多马来西亚出口商品，包括半导体、钢铁、制药、关键矿物、铝、汽车、铜、消费电子、木材和多晶硅 [免征](https://www.krinstitute.org/publications/which-malaysian-exports-get-zero-tariffs-under-the-us-malaysia-trade-deal#:~:text=The%20current%20Trump%20tariff%20for,from%20an%20initial%2025%255.
&amp;text=Certain%20goods%20are%20exempt%20from,domestic%20investigations%20under%20Section%20232.) 任何关税。</p>
<p>&#34;对于寻求在出口到美国时重新获得效率的中国企业来说，重新安排出口是一种灰色贸易行为，&#34;全球经纪品牌 Just2Trade 的高级经济学家伊万·马尔切纳（Iván Marchena）解释道。</p>
<p>&#34;在特朗普第一次任期内中美贸易战期间，我们看到两国之间的贸易下降，而美国从越南和墨西哥的进口却增加。这种韧性表明，领先的中国企业和股票足够灵活，能够在敌对的贸易环境中实现增长。&#34;</p>
<h2>实际绕道案例</h2>
<p>中国在人工智能领域的熟练程度 使得像 AirBnb 这样的硅谷公司 据报道更青睐 东南亚创新者创造的成本效益模型，而非其更昂贵的美国同行。</p>
<p>虽然中国正在成为全球人工智能模型分发的领导者，但它也正在成为半导体和电子等组件的关键制造商，这些组件可以支持人工智能的出现。</p>
<p>鉴于美国仍对来自中国的金属进口征收高额关税，马来西亚成为绕道的关键目的地，以绕过贸易关税。</p>
<p>关键是，马来西亚对半导体和各种金属的关税豁免吸引了中国的绕道兴趣。根据州政府投资促进机构 InvestPenang 的首席执行官 Loo Lee Lian 的说法，已有超过 350 家外资企业在槟城建立了业务，特别关注半导体和电子行业。</p>
<p>去年抵达马来西亚的超过 50 家企业 最初来自中国。自特朗普政府宣布解放日关税以来，这一数字可能进一步增加。</p>
<h2>供应链的变化形态</h2>
<p>重新定向现象不仅正在改变中国企业供应链的起点，也在改变太平洋另一侧的目的地。</p>
<p>用于制造的中国中间产品可以通过先前往加拿大和墨西哥来规避美国关税。从法律上讲，进口到这些国家的产品如果经过 实质性转变 并导致新产品的生产，在出口时被视为该国制造，有助于为产品以 USMCA 零关税或 WTO 最惠国关税率进入美国铺平道路，具体取决于监管要求。</p>
<h2>互惠关税时代的贸易</h2>
<p>尽管贸易协议有助于缓解美国与中国之间的关系，但亚洲仍有许多主要出口商对直接向美国发送货物所带来的经济冲击感到谨慎。</p>
<p>尽管关于重新定向的规则充满不确定性，但它们指向了主要中国制造商在继续利用其作为全球最大出口国的地位时所习惯的韧性水平。</p>
<p>鉴于他们适应不断变化的地缘政治气候的能力，中国的贸易顺差很可能在 2026 年前只会继续增长。</p>
<p><em>披露：在出版日期，Dmytro Spilka 并未直接或间接持有本文提到的任何证券的头寸。本文中表达的观点仅代表作者个人。Dmytro Spilka 不打算在接下来的 72 小时内对上述任何证券进行交易。</em></p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

<p>中国公司正在通过将出口重新路由到马来西亚等国家来规避美国关税，这些国家的关税较低且存在豁免。这种做法有助于掩盖商品的来源，从而降低成本。尽管贸易协议降低了一些关税，但仍然存在挑战，促使公司寻求创造性的解决方案。马来西亚对半导体和金属的关税豁免吸引了中国出口商，改变了供应链并增强了贸易韧性</p>

<p>While news of a trade deal struck between the United States and China will be welcome news for global trade, firms are continuing to seek out creative solutions in minimizing export costs when it comes to shipping goods.</p>
<div class="lb-trans"><p>尽管美国与中国达成贸易协议的消息将为全球贸易带来利好，但企业仍在寻求创造性解决方案，以降低货物运输的出口成本。</p>
</div><p>The announcement of the Trump administration's reciprocal tariffs in April 2025 sent shockwaves throughout China, the world's largest exporter of goods.</p>
<div class="lb-trans"><p>特朗普政府在 2025 年 4 月宣布的互惠关税在中国引发了震动，中国是全球最大的商品出口国。</p>
</div><p>In 2024, China's total exports reached a value of $3.58 billion, representing a scale that eclipses second place United States by more than $1.5 billion.</p>
<div class="lb-trans"><p>2024 年，中国的总出口额达到了 [3580 亿美元](https://www.statista.com/statistics/264623/leading-export-countries-worldwide/#:~:text=Leading%20export%20countries%20worldwide%202024
&amp;text=The%20value%20of%20exports%20from,highest%20exports%20worldwide%20that%20year.
&amp;text=The%20value%20of%20goods%20exported,trillion%20U.S.%20dollars%20in%202023.
&amp;text=The%20United%20States%20recorded%20an,about%203.17%20trillion%20U.S.%20dollars.)，比第二名的美国高出超过 15 亿美元。</p>
</div><p>The prolific rate of exporting in China is such that the Southeast Asian nation's trade surplus with the world surpassed $1 trillion for the first time this year, with forecasts suggesting that it could climb to a total of $1.23 trillion by the end of 2025.</p>
<div class="lb-trans"><p>中国的出口速度如此之快，以至于东南亚国家与世界的贸易顺差 首次超过 1 万亿美元，预计到 2025 年底可能攀升至 1.23 万亿美元。</p>
</div><p>Despite China's strengthening rate of exports, concerns still remain throughout different sectors domestically that heightened US trade tariffs and an uncertain political landscape could weaken profit margins in the future.</p>
<div class="lb-trans"><p>尽管中国的出口增长势头强劲，但国内各个行业仍然对美国贸易关税的提高和不确定的政治环境感到担忧，这可能会削弱未来的利润空间。</p>
</div><p>The economic recovery of China is likely to be protracted as the government continues to roll out stimulus packages to support growth, and more companies are using trade challenges to seek out opportunities through rerouting goods.</p>
<div class="lb-trans"><p>中国的经济复苏可能会持续较长时间，因为政府继续推出刺激计划以支持增长，越来越多的公司利用贸易挑战寻找通过重新安排货物的机会。</p>
</div><h2>Solving Tariff Challenges</h2>
<div class="lb-trans"><h2>解决关税挑战</h2>
</div><p>Although the announcement of a trade deal between the United States and China saw President Trump's ‘Liberation Day' tariff fall to 10%, research from Oxford Economics has determined the effective tariff rate on Chinese goods entering the US at 29.3% in November 2025.</p>
<div class="lb-trans"><p>尽管美国与中国达成贸易协议后，特朗普的 “解放日” 关税降至 10%，但牛津经济研究院的研究表明，2025 年 11 月中国商品进入美国的有效关税率仍高达 29.3%。</p>
</div><p>While this represents a welcome climbdown from the 37.1% rate prior to the trade agreement, it will still be a source of financial strain for exporters.</p>
<div class="lb-trans"><p>虽然这比贸易协议前的 37.1% 有所下降，但仍将对出口商造成财务压力。</p>
</div><p>Notably, steel and aluminum products and their derivatives remain at 50%, as does copper. Other goods like inorganic chemicals and animal and vegetable products face a 25% levee in addition to base rate tariffs.</p>
<div class="lb-trans"><p>值得注意的是，钢铁和铝制品及其衍生品的关税仍为 50%，铜的关税也是如此。其他商品如无机化学品和动物及植物产品则面临 25% 的附加关税。</p>
</div><p>These challenges are causing exporters to bypass US tariffs by rerouting shipments through third countries, which helps to mask the origin of their goods, opening the door to considerably lower tariff rates.</p>
<div class="lb-trans"><p>这些挑战促使出口商通过第三国绕过美国关税，这有助于掩盖其货物的来源，从而打开了更低关税的可能性。</p>
</div><p>Major Chinese firms are actively looking to nations like Malaysia as a rerouting option to ship goods, where a new certificate of origin can be issued before products are sent on to the United States.</p>
<div class="lb-trans"><p>主要中国企业积极寻求像马来西亚这样的 绕道选项 来运输货物，在产品送往美国之前，可以在马来西亚重新签发原产地证书。</p>
</div><p>Malaysia is proving to be a popular destination for export rerouting among Chinese firms because the Trump administration lowered its base tariff rate from 25% to 19% in July. Critically, many Malaysian exports, including semiconductors, steel, pharmaceuticals, critical minerals, aluminum, automobiles, copper, consumer electronics, lumber, and polysilicon are exempt from any tariffs.</p>
<div class="lb-trans"><p>马来西亚成为中国企业出口绕道的热门目的地，因为特朗普政府在 7 月将其基本关税率从 25% 降低至 19%。关键是，许多马来西亚出口商品，包括半导体、钢铁、制药、关键矿物、铝、汽车、铜、消费电子、木材和多晶硅 [免征](https://www.krinstitute.org/publications/which-malaysian-exports-get-zero-tariffs-under-the-us-malaysia-trade-deal#:~:text=The%20current%20Trump%20tariff%20for,from%20an%20initial%2025%255.
&amp;text=Certain%20goods%20are%20exempt%20from,domestic%20investigations%20under%20Section%20232.) 任何关税。</p>
</div><p>&#34;Rerouting exports is a grey trade practice for Chinese firms seeking to recapture efficiency when it comes to exporting to the United States,&#34; explained Iván Marchena, Senior Economist at global brokerage brand Just2Trade.</p>
<div class="lb-trans"><p>&#34;对于寻求在出口到美国时重新获得效率的中国企业来说，重新安排出口是一种灰色贸易行为，&#34;全球经纪品牌 Just2Trade 的高级经济学家伊万·马尔切纳（Iván Marchena）解释道。</p>
</div><p>&#34;During the earlier trade war between China and the United States during Trump's first presidency, we saw trade between the two nations drop off while US imports from Vietnam and Mexico increased. This level of resilience is a strong indication that leading Chinese firms and stocks are adaptable enough to secure growth in hostile trade environments.&#34;</p>
<div class="lb-trans"><p>&#34;在特朗普第一次任期内中美贸易战期间，我们看到两国之间的贸易下降，而美国从越南和墨西哥的进口却增加。这种韧性表明，领先的中国企业和股票足够灵活，能够在敌对的贸易环境中实现增长。&#34;</p>
</div><h2>Rerouting in Action</h2>
<div class="lb-trans"><h2>实际绕道案例</h2>
</div><p>China's proficiency in artificial intelligence is such that Silicon Valley companies like AirBnb are reportedly favoring the cost-effective models created by Southeast Asian innovators over their more costly US counterparts.</p>
<div class="lb-trans"><p>中国在人工智能领域的熟练程度 使得像 AirBnb 这样的硅谷公司 据报道更青睐 东南亚创新者创造的成本效益模型，而非其更昂贵的美国同行。</p>
</div><p>While China is becoming a global leader in the distribution of AI models globally, it's also emerging as a key manufacturer of components such as semiconductors and electronics that can support the emergence of artificial intelligence.</p>
<div class="lb-trans"><p>虽然中国正在成为全球人工智能模型分发的领导者，但它也正在成为半导体和电子等组件的关键制造商，这些组件可以支持人工智能的出现。</p>
</div><p>Given that the US is still placing high tariffs on imports of metals from China, Malaysia is serving as a key destination for rerouting to bypass trade levees.</p>
<div class="lb-trans"><p>鉴于美国仍对来自中国的金属进口征收高额关税，马来西亚成为绕道的关键目的地，以绕过贸易关税。</p>
</div><p>Critically, Malaysia's tariff exemption on semiconductors and various metals has drawn in rerouting interest from China. According to Loo Lee Lian, CEO of state government investment promotion agency, InvestPenang, more than 350 foreign-invested companies have established their operations in Penang, with a particular focus on semiconductor and electronics sectors.</p>
<div class="lb-trans"><p>关键是，马来西亚对半导体和各种金属的关税豁免吸引了中国的绕道兴趣。根据州政府投资促进机构 InvestPenang 的首席执行官 Loo Lee Lian 的说法，已有超过 350 家外资企业在槟城建立了业务，特别关注半导体和电子行业。</p>
</div><p>More than 50 of those that arrived in Malaysia last year were originally from China. This figure is likely to have increased further since the announcement of the Trump administration's Liberation Day tariffs.</p>
<div class="lb-trans"><p>去年抵达马来西亚的超过 50 家企业 最初来自中国。自特朗普政府宣布解放日关税以来，这一数字可能进一步增加。</p>
</div><h2>The Changing Shape of Supply Chains</h2>
<div class="lb-trans"><h2>供应链的变化形态</h2>
</div><p>The rerouting phenomenon is not only transforming the beginning of the supply chain for Chinese firms but also the destinations on the other side of the Pacific Ocean.</p>
<div class="lb-trans"><p>重新定向现象不仅正在改变中国企业供应链的起点，也在改变太平洋另一侧的目的地。</p>
</div><p>Chinese intermediate goods used in manufacturing can seek to bypass US tariffs by heading to Canada and Mexico first. Legally, imports to these nations that subsequently undergo a substantial transformation and lead to the production of new goods are considered as made in that country when exported, helping to pave the way for products to enter the United States under USMCA zero tariffs or at the WTO MFN tariff rate, repenting on regulatory requirements.</p>
<div class="lb-trans"><p>用于制造的中国中间产品可以通过先前往加拿大和墨西哥来规避美国关税。从法律上讲，进口到这些国家的产品如果经过 实质性转变 并导致新产品的生产，在出口时被视为该国制造，有助于为产品以 USMCA 零关税或 WTO 最惠国关税率进入美国铺平道路，具体取决于监管要求。</p>
</div><h2>Trade in the Age of Reciprocal Tariffs</h2>
<div class="lb-trans"><h2>互惠关税时代的贸易</h2>
</div><p>While a trade deal has helped to cool relations between the United States and China, there are still plenty of major exporters in Asia that are wary of the economic hit that comes with directly sending goods to the United States.</p>
<div class="lb-trans"><p>尽管贸易协议有助于缓解美国与中国之间的关系，但亚洲仍有许多主要出口商对直接向美国发送货物所带来的经济冲击感到谨慎。</p>
</div><p>Although the rules surrounding rerouting can be clouded at best, they point to the level of resilience that major Chinese manufacturers have become accustomed to using to continue benefiting from their status as the world's largest exporters.</p>
<div class="lb-trans"><p>尽管关于重新定向的规则充满不确定性，但它们指向了主要中国制造商在继续利用其作为全球最大出口国的地位时所习惯的韧性水平。</p>
</div><p>Given their ability to adapt to the changing geopolitical climate, it's likely that China's trade surplus will only grow into 2026.</p>
<div class="lb-trans"><p>鉴于他们适应不断变化的地缘政治气候的能力，中国的贸易顺差很可能在 2026 年前只会继续增长。</p>
</div><p><em>Disclosure: On the date of publication, Dmytro Spilka did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer. Dmytro Spilka does not intend to make a trade in any of the securities mentioned above in the next 72 hours.</em></p>
<div class="lb-trans"><p><em>披露：在出版日期，Dmytro Spilka 并未直接或间接持有本文提到的任何证券的头寸。本文中表达的观点仅代表作者个人。Dmytro Spilka 不打算在接下来的 72 小时内对上述任何证券进行交易。</em></p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

中国的重新规划热潮：主要公司如何规避美国关税的影响