CITIC Securities pointed out that on May 2, the US officially lifted the tariff exemption for cross-border parcels. On May 12, China and the US issued a joint statement. Within 90 days, the US will return the 125% tariff rate imposed on China since April 2 to 10%. Rapid changes in tariff policies are driving the evolution of the industry ecosystem. CITIC Securities believes that the cessation of the small package tax exemption policy may accelerate the concentration of the industry ecology towards a semi-custodial or 3P model, while the suspension of “equal tariffs” has greatly reduced the short-term operating pressure on cross-border sellers that previously relied on the general import model. However, in the medium to long term, tariff policy risks still exist in the context of the game between China and the US. Cross-border sellers mainly deal with them through three strategies: price increase transmission, capacity transfer, and diversified layout. Considering that the cancellation of reciprocal tariffs has exceeded expectations, it has brought great benefits to both cross-border platforms and sellers.

CITIC Securities pointed out that on May 2, the US officially lifted the tariff exemption for cross-border parcels. On May 12, China and the US issued a joint statement. Within 90 days, the US will return the 125% tariff rate imposed on China since April 2 to 10%. Rapid changes in tariff policies are driving the evolution of the industry ecosystem. CITIC Securities believes that the cessation of the small package tax exemption policy may accelerate the concentration of the industry ecology towards a semi-custodial or 3P model, while the suspension of “equal tariffs” has greatly reduced the short-term operating pressure on cross-border sellers that previously relied on the general import model. However, in the medium to long term, tariff policy risks still exist in the context of the game between China and the US. Cross-border sellers mainly deal with them through three strategies: price increase transmission, capacity transfer, and diversified layout. Considering that the cancellation of reciprocal tariffs has exceeded expectations, it has brought great benefits to both cross-border platforms and sellers.