United States boycotts China's Xinjiang cotton

Xinjiang's cotton production accounts for 20% of the world's and is key to ensuring global supplies, so it is not easy to find a replacement. However, in January, the United States announced that it was suspending imports of Xinjiang cotton and cotton products, which led to an increase in the cost of their production, Radio China reported. Xinjiang cotton is among the highest quality in the world and the boycott is likely to cause an unnatural change in its price on the international market and harm companies and consumers. Xinjiang cotton, which, however, suffers image damage among Chinese consumers, and other negatives for their business will be manifested in the long run. For multinational companies, the large Chinese market is important. Thanks to its recovery in 2020, clothing and footwear companies severely affected by the pandemic have barely made a profit. For example, in 2020, Nike's revenue from the Chinese market increased by 8% on an annual basis. The company's ...