<p>儘管美國與中國達成貿易協議的消息將為全球貿易帶來利好，但企業仍在尋求創造性解決方案，以降低貨物運輸的出口成本。</p>
<p>特朗普政府在 2025 年 4 月宣佈的互惠關税在中國引發了震動，中國是全球最大的商品出口國。</p>
<p>2024 年，中國的總出口額達到了 [3580 億美元](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.)，比第二名的美國高出超過 15 億美元。</p>
<p>中國的出口速度如此之快，以至於東南亞國家與世界的貿易順差 首次超過 1 萬億美元，預計到 2025 年底可能攀升至 1.23 萬億美元。</p>
<p>儘管中國的出口增長勢頭強勁，但國內各個行業仍然對美國貿易關税的提高和不確定的政治環境感到擔憂，這可能會削弱未來的利潤空間。</p>
<p>中國的經濟復甦可能會持續較長時間，因為政府繼續推出刺激計劃以支持增長，越來越多的公司利用貿易挑戰尋找通過重新安排貨物的機會。</p>
<h2>解決關税挑戰</h2>
<p>儘管美國與中國達成貿易協議後，特朗普的 “解放日” 關税降至 10%，但牛津經濟研究院的研究表明，2025 年 11 月中國商品進入美國的有效關税率仍高達 29.3%。</p>
<p>雖然這比貿易協議前的 37.1% 有所下降，但仍將對出口商造成財務壓力。</p>
<p>值得注意的是，鋼鐵和鋁製品及其衍生品的關税仍為 50%，銅的關税也是如此。其他商品如無機化學品和動物及植物產品則面臨 25% 的附加關税。</p>
<p>這些挑戰促使出口商通過第三國繞過美國關税，這有助於掩蓋其貨物的來源，從而打開了更低關税的可能性。</p>
<p>主要中國企業積極尋求像馬來西亞這樣的 繞道選項 來運輸貨物，在產品送往美國之前，可以在馬來西亞重新簽發原產地證書。</p>
<p>馬來西亞成為中國企業出口繞道的熱門目的地，因為特朗普政府在 7 月將其基本關税率從 25% 降低至 19%。關鍵是，許多馬來西亞出口商品，包括半導體、鋼鐵、製藥、關鍵礦物、鋁、汽車、銅、消費電子、木材和多晶硅 [免徵](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.) 任何關税。</p>
<p>&#34;對於尋求在出口到美國時重新獲得效率的中國企業來説，重新安排出口是一種灰色貿易行為，&#34;全球經紀品牌 Just2Trade 的高級經濟學家伊萬·馬爾切納（Iván Marchena）解釋道。</p>
<p>&#34;在特朗普第一次任期內中美貿易戰期間，我們看到兩國之間的貿易下降，而美國從越南和墨西哥的進口卻增加。這種韌性表明，領先的中國企業和股票足夠靈活，能夠在敵對的貿易環境中實現增長。&#34;</p>
<h2>實際繞道案例</h2>
<p>中國在人工智能領域的熟練程度 使得像 AirBnb 這樣的硅谷公司 據報道更青睞 東南亞創新者創造的成本效益模型，而非其更昂貴的美國同行。</p>
<p>雖然中國正在成為全球人工智能模型分發的領導者，但它也正在成為半導體和電子等組件的關鍵製造商，這些組件可以支持人工智能的出現。</p>
<p>鑑於美國仍對來自中國的金屬進口徵收高額關税，馬來西亞成為繞道的關鍵目的地，以繞過貿易關税。</p>
<p>關鍵是，馬來西亞對半導體和各種金屬的關税豁免吸引了中國的繞道興趣。根據州政府投資促進機構 InvestPenang 的首席執行官 Loo Lee Lian 的説法，已有超過 350 家外資企業在檳城建立了業務，特別關注半導體和電子行業。</p>
<p>去年抵達馬來西亞的超過 50 家企業 最初來自中國。自特朗普政府宣佈解放日關税以來，這一數字可能進一步增加。</p>
<h2>供應鏈的變化形態</h2>
<p>重新定向現象不僅正在改變中國企業供應鏈的起點，也在改變太平洋另一側的目的地。</p>
<p>用於製造的中國中間產品可以通過先前往加拿大和墨西哥來規避美國關税。從法律上講，進口到這些國家的產品如果經過 實質性轉變 並導致新產品的生產，在出口時被視為該國製造，有助於為產品以 USMCA 零關税或 WTO 最惠國關税率進入美國鋪平道路，具體取決於監管要求。</p>
<h2>互惠關税時代的貿易</h2>
<p>儘管貿易協議有助於緩解美國與中國之間的關係，但亞洲仍有許多主要出口商對直接向美國發送貨物所帶來的經濟衝擊感到謹慎。</p>
<p>儘管關於重新定向的規則充滿不確定性，但它們指向了主要中國製造商在繼續利用其作為全球最大出口國的地位時所習慣的韌性水平。</p>
<p>鑑於他們適應不斷變化的地緣政治氣候的能力，中國的貿易順差很可能在 2026 年前只會繼續增長。</p>
<p><em>披露：在出版日期，Dmytro Spilka 並未直接或間接持有本文提到的任何證券的頭寸。本文中表達的觀點僅代表作者個人。Dmytro Spilka 不打算在接下來的 72 小時內對上述任何證券進行交易。</em></p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

<p>中國公司正在通過將出口重新路由到馬來西亞等國家來規避美國關税，這些國家的關税較低且存在豁免。這種做法有助於掩蓋商品的來源，從而降低成本。儘管貿易協議降低了一些關税，但仍然存在挑戰，促使公司尋求創造性的解決方案。馬來西亞對半導體和金屬的關税豁免吸引了中國出口商，改變了供應鏈並增強了貿易韌性</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>儘管美國與中國達成貿易協議的消息將為全球貿易帶來利好，但企業仍在尋求創造性解決方案，以降低貨物運輸的出口成本。</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 月宣佈的互惠關税在中國引發了震動，中國是全球最大的商品出口國。</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，中國的總出口額達到了 [3580 億美元](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.)，比第二名的美國高出超過 15 億美元。</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>中國的出口速度如此之快，以至於東南亞國家與世界的貿易順差 首次超過 1 萬億美元，預計到 2025 年底可能攀升至 1.23 萬億美元。</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>儘管中國的出口增長勢頭強勁，但國內各個行業仍然對美國貿易關税的提高和不確定的政治環境感到擔憂，這可能會削弱未來的利潤空間。</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>中國的經濟復甦可能會持續較長時間，因為政府繼續推出刺激計劃以支持增長，越來越多的公司利用貿易挑戰尋找通過重新安排貨物的機會。</p>
</div><h2>Solving Tariff Challenges</h2>
<div class="lb-trans"><h2>解決關税挑戰</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>儘管美國與中國達成貿易協議後，特朗普的 “解放日” 關税降至 10%，但牛津經濟研究院的研究表明，2025 年 11 月中國商品進入美國的有效關税率仍高達 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>雖然這比貿易協議前的 37.1% 有所下降，但仍將對出口商造成財務壓力。</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，鋼鐵和鋁製品及其衍生品的關税仍為 50%，銅的關税也是如此。其他商品如無機化學品和動物及植物產品則面臨 25% 的附加關税。</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>這些挑戰促使出口商通過第三國繞過美國關税，這有助於掩蓋其貨物的來源，從而打開了更低關税的可能性。</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>主要中國企業積極尋求像馬來西亞這樣的 繞道選項 來運輸貨物，在產品送往美國之前，可以在馬來西亞重新簽發原產地證書。</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>馬來西亞成為中國企業出口繞道的熱門目的地，因為特朗普政府在 7 月將其基本關税率從 25% 降低至 19%。關鍵是，許多馬來西亞出口商品，包括半導體、鋼鐵、製藥、關鍵礦物、鋁、汽車、銅、消費電子、木材和多晶硅 [免徵](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.) 任何關税。</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;對於尋求在出口到美國時重新獲得效率的中國企業來説，重新安排出口是一種灰色貿易行為，&#34;全球經紀品牌 Just2Trade 的高級經濟學家伊萬·馬爾切納（Iván Marchena）解釋道。</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內中美貿易戰期間，我們看到兩國之間的貿易下降，而美國從越南和墨西哥的進口卻增加。這種韌性表明，領先的中國企業和股票足夠靈活，能夠在敵對的貿易環境中實現增長。&#34;</p>
</div><h2>Rerouting in Action</h2>
<div class="lb-trans"><h2>實際繞道案例</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>中國在人工智能領域的熟練程度 使得像 AirBnb 這樣的硅谷公司 據報道更青睞 東南亞創新者創造的成本效益模型，而非其更昂貴的美國同行。</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>雖然中國正在成為全球人工智能模型分發的領導者，但它也正在成為半導體和電子等組件的關鍵製造商，這些組件可以支持人工智能的出現。</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>鑑於美國仍對來自中國的金屬進口徵收高額關税，馬來西亞成為繞道的關鍵目的地，以繞過貿易關税。</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>關鍵是，馬來西亞對半導體和各種金屬的關税豁免吸引了中國的繞道興趣。根據州政府投資促進機構 InvestPenang 的首席執行官 Loo Lee Lian 的説法，已有超過 350 家外資企業在檳城建立了業務，特別關注半導體和電子行業。</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>去年抵達馬來西亞的超過 50 家企業 最初來自中國。自特朗普政府宣佈解放日關税以來，這一數字可能進一步增加。</p>
</div><h2>The Changing Shape of Supply Chains</h2>
<div class="lb-trans"><h2>供應鏈的變化形態</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>重新定向現象不僅正在改變中國企業供應鏈的起點，也在改變太平洋另一側的目的地。</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>用於製造的中國中間產品可以通過先前往加拿大和墨西哥來規避美國關税。從法律上講，進口到這些國家的產品如果經過 實質性轉變 並導致新產品的生產，在出口時被視為該國製造，有助於為產品以 USMCA 零關税或 WTO 最惠國關税率進入美國鋪平道路，具體取決於監管要求。</p>
</div><h2>Trade in the Age of Reciprocal Tariffs</h2>
<div class="lb-trans"><h2>互惠關税時代的貿易</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>儘管貿易協議有助於緩解美國與中國之間的關係，但亞洲仍有許多主要出口商對直接向美國發送貨物所帶來的經濟衝擊感到謹慎。</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>儘管關於重新定向的規則充滿不確定性，但它們指向了主要中國製造商在繼續利用其作為全球最大出口國的地位時所習慣的韌性水平。</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>鑑於他們適應不斷變化的地緣政治氣候的能力，中國的貿易順差很可能在 2026 年前只會繼續增長。</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 並未直接或間接持有本文提到的任何證券的頭寸。本文中表達的觀點僅代表作者個人。Dmytro Spilka 不打算在接下來的 72 小時內對上述任何證券進行交易。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
</div>

中國的重新規劃熱潮：主要公司如何規避美國關税的影響