On 20 february 2026, the supreme court of the united states ruled, by a vote of 6:3, that the trump government's imposition of duties under the international emergency economic powers act that year was ultra vires and, by implication, illegal。
But the white house's response was as fast as possible, with the replacement of a “sacre” on the same day, the removal of article 122 and the imposition of an additional 10 per cent of tariffs on all imports, which began to be fully rolled out on 24 february。
So, let's not look at the legal suspension of ieepa tariffs, which are practically flat on cross-border enterprises – 301 tariffs, 232 tariffs, and the office of the united states trade representative has launched a new 301 survey, probably with results in the second half of the year, and then a new tax escalation。
The chinese side has a clear attitude: there are two benefits to be gained and the battle to be fought。
The reality, however, is that while the two countries maintain diplomatic communication, there is little room for real concessions, and customs battles are so stymied that no one can retreat。
In 2025, the total amount of tariffs imposed by the united states was approximately $16. 6 billion, the largest in the history of the united states。
The worst is those smes that cross borders. For example, in the united states there is a stationary electrician, who last year paid $175,000 more in customs duties alone, and the business was pushed directly to the brink of collapse。
But across from this group of businesses that are under tariff pressure, there are brands that live exceptionally well。
They have chinese names, national cargo faces, and you're everywhere on streets and supermarket shelves, and most people think they're national brands。
But their capital core is actually foreign investment, or deep international capital involvement。
What is more critical is that they purchase raw materials, build factories, produce and sell on chinese soil, and the entire chain is completely uncustomed — customs duties? It has nothing to do with them。
As a result, the brand of “national face, foreign capital” became the most hidden winner in the middle of the us-china customs war。
Halbin beer first。
Who thinks it's not a national product
The fact is, in 2004, the united states company anders bush spent $5. 5 billion to take 99. 66 per cent of the hap。
By 2008, the belgian imbo group had acquired anders bush and consolidated it into a bermuda imbo brand。
Today's pravie asia-pacific ranks third in china's beer market, but is at the top of the high and super-high end of the world with well-known names, in addition to harlem。
And look at the dragonfish。
You probably have this bucket of oil in your kitchen, which is used by almost every chinese family。
But the dragonfish belong to lee hae-jali, whose parent company is singapore's listed benefit international。
The adm, one of the four major food traders in the united states, was the second largest shareholder, with a shareholding of about 22. 49 per cent, and the largest supplier of raw materials in the united states for many years, with an annual supply of up to billions。
Bci owns 89. 99 per cent of the gold dragonfish, a chain of shares that clearly points to overseas capital。
In fact, when the gold dragonfish were listed on the board in 2020, these links were clearly stated in the book, but most people did not notice。
Go on, double。
The name of the head of the meatstuff and ham in henan's hair, formerly known as the 1958 freezer, was taken over by bandung in 1984 and taken over by a red-blooded state enterprise。
The transition took place in 2006. During that year, goldman sachs, in partnership with zeng ding, acquired 100 per cent of the shares of the bi-swiss group from the nrc at rmb 2. 01 billion。
The two flows have thus evolved from a state-owned enterprise to one in which international capital is deeply involved。
While there have been subsequent changes in equity, the history of international capital engagement is clear。
The story of dabao is even more impressive。
It was preceded by the beijing samurai plant, a state-owned welfare enterprise, which specializes in the employment of persons with disabilities。
Following the introduction of sod honey in 1990, it rose rapidly, with the highest market share in the country for eight consecutive years, at a peak of 15. 76 per cent, being the real national price-free skin-care brand。
After 2003, however, under the siege of foreign brands, capital and technology shortages began to decline, leaving a market share of only 1 per cent in 2005。
In 2008, united states johnson purchased the treasure at full cost of 2. 3 billion yuan. Brand names were retained, but ownership had been restored to johnson and johnson。
The bulk of the 2. 3 billion acquisitions was spent on the placement of employees — nearly 1,200 of whom were disabled at the time。
And it's delicious。
I'm sure you've seen it in the supermarket saucer area, and it's very well-packaged, and it looks like a national brand, and many people don't even notice it。
But it's delicious, it was created in 1889 in maryland, the united states. It's a 100-year-old shop。
In 1989, china entered china, built factories in shanghai and guangzhou, and in 2013 acquired wuhan asia pacific tastys。
By 2025, it had been ranked first on the chinese brand list of spices, such as chickens, tomato sauce, spices, meals and retail outlets。
In 2026, it also acquired the food business of unilever, with an increasing impact on local brands in the western sector。
The common advantage of these brands is particularly simple: tariffs tax only cross-border trade and only customs imports。
From procurement to production, from sales to logistics, the entire process is completed in china and does not involve any cross-border links。
That's why the customs war was so fierce that it had nothing to do with them。
Compared to those transborder small and medium-sized enterprises that are on the verge of closing down by customs duties, the days are quite different. One in the fire, one in the water。
Of course, we have to say this objectively. The fact that foreign brands have indeed brought technology, management experience and employment to china since the reform opened up cannot be denied。
The extent to which the gold dragonfish industrial chain supports people and the modernization of the confluence has contributed to industry progress are real contributions。
However, in the broader context of today’s continuation of the central american game, it is of different relevance to know the true identities of these brands of “national face, foreign capital” and to know where every penny of our daily consumption ultimately goes。
Globally, real GDP in the united states grew by 2. 17 per cent in 2025, but the deficit in trade in goods was higher。
Over the past six months, united states home-grown investors have withdrawn some $75 billion from the stock market, and the global economic landscape is shuffled, and no one can do it alone。
The customs battle will not end in the short term, which is an event of probability. And it's never just you at the negotiating table between two countries. It's all about everyone's shopping options。
Every time you pick up a bottle of big treasures, a bucket of gold dragonfish, a bag of good taste, or light a can of harbin beer, the money eventually goes to a brand name。
It flows to the capital chain behind it, to the parent company in the equity structure, to the transnational giants that have fallen on the board。
That doesn't mean we're going to deny foreign brand names, let alone engage in irrational resistance。
But it is a force of rationality to maintain a clear understanding of who the brand is, who its children are, and what its consumption plays in the game of times。
The secret winners of the customs war said one thing: they won on the mainland of zinging china, avoiding the border crossing。
And each and every one of us wins that we can see it all and then make our own clear and clear choices。
