The impact of the US tax increase list on the PCB industry
This US tax collection list consists of two sets of tax forms. The first set of lists was cut on the basis of the list of recommendations issued in April, and the second set was related to Made in China 2025, which was added. The proposed list has a total of 1,333 lines, and the actual landing is 818 lines. The corresponding project will start to impose an additional 25% tariff on July 6, 2018. The PCB related parts of the Tariff List are as follows:
1. There are a total of 5 products directly referring to PCB, focusing on printed circuit boards and ceramic substrates for color TV sets;
2. A total of 28 end-product lists of printed circuit products are directly mentioned, and the products are concentrated in ATMs, telecommunication equipment, transformers, static converters and inductors, color televisions, television cameras, radars, radio navigation, connectors, Radio broadcast transmission equipment, flight data recorder components, flat panel displays, electrocardiographs, electrocardiographs, and other consumer, industrial, medical, and other products;
3. There are 38 products indirectly related to PCB (there is no guarantee that the statistics are completely included), and the products are mainly monitors and projectors;
4. A total of 5 items related to PCB-related equipment are directly mentioned;
5. There are 42 equipments indirectly related to PCB manufacturing (not guaranteed to be fully included), and the equipment is mainly machine tools, drilling machines, CNC and other products.
In addition, some items are related to PCA (PCBA, SMT). Since the PCA industry location is between PCB and terminal products, it will theoretically affect the performance of PCBs, passive components and other enterprises. However, we communicate with the industry. The PCA for medical equipment, voltage regulators, test instruments and other fields is mainly done by small factories. The listed companies basically do not make such orders (the unit price is high, but the quantity is very small, the industry calls it high) Mix small volumn) - Even if the final tax increase is 25%, such orders are relatively insensitive and ultimately have less impact on PCB and PCA-related listed companies.
We believe that circuit boards, as the basic components of the global electronics industry, are the closest to electronic terminals, and have a solid foundation in the global electronics industry. Therefore, countries around the world do not impose tariffs on PCB imports. We believe that the United States will introduce "punitive tariffs", and the final impact of PCB and other accessories is limited.
The mainland has become the main production base of the global circuit board. The latest data is 50.5% of the circuit boards produced in the mainland in 17 years. The output value of the domestically produced circuit boards has exceeded 18.3%. The mainland not only has a rapid increase in output value, but also technology and customers have gradually come forward and gradually surpassed. At present, domestic production circuit boards have been exported to countries all over the world, and the global dependence on domestic circuit boards is obvious.
According to the “Tariff List”, the tax on PCB products is mainly concentrated in consumer electronics, industrial control and medical products. According to customs data, China’s 2017 PCB exports totaled US$13.96 billion, accounting for China’s total value of US$30.3 billion. The ratio is 46.1%, that is, nearly 5 of the PCB products produced in China are exported, but the products exported to the United States account for 3.79% of China's total PCB exports, which is relatively small, and the products involved in this list are even less. We contact the relevant companies in the industry, and the export codes to the US are not affected (8529.90.05, 8529.906, 8529.93, 82.5.906.46, 852.9.89, etc.)!