GoodsFox Daily News (July 7, 2025): US Tariffs on Vietnam Escalate: Which Country Will Dominate Manufacturing?
- New Gaming Console Market to Reach $47.5 Billion by 2033
- US Tariffs on Vietnam Hit Nike and Adidas
- TikTok Shop Japan's Impressive Start
- TikTok Shop Mexico Cross-Border Success
- Shein Fined €40 Million for False Discount Claims
New Gaming Console Market to Reach $47.5 Billion by 2033
Grand View Research forecasts the global gaming console market to grow from $31.5 billion in 2025 to $47.58 billion by 2033, with a CAGR of 6.7%. This growth will be driven by several factors, including the rise of digital gaming, the convenience and affordability of instant access, and subscription services such as Xbox Game Pass. Additionally, trends like esports and the adoption of VR/AR technologies are reshaping the landscape.Moreover, GPU advancements and 5G networks continue to support cloud gaming, accelerating the shift toward a more integrated digital ecosystem.
US Tariffs on Vietnam Hit Nike and Adidas
The U.S. has increased tariffs on Vietnamese goods by 20%, while also applying an additional 40% on cross-border products between China and Vietnam. This policy significantly impacts brands like Nike and Adidas—Nike produces 50% of its footwear in Vietnam, while Adidas relies on the country for 27% of its production.As a result, products manufactured in Vietnam using Chinese raw materials may now face the full 40% tariff. Although this raises supply chain risks, some brands might choose to retain production in China to avoid the dual-country penalty—thereby reinforcing China's position as a global manufacturing hub. In 2024, the U.S. imported 274 million pairs of shoes from Vietnam. Consequently, these tariff hikes are likely to drive up consumer prices.
TikTok Shop Japan's Impressive Start
TikTok Shop Japan achieved $207,000 GMV in its first month. Notably, beauty and personal care products led the charge, contributing $72,800 in sales. With over 33 million active users, Japan ranks as the fourth-largest e-commerce market in the world, offering abundant opportunities for sellers.To succeed, merchants should test product-market fit early, assess consumer demand, and minimize inventory risks. In addition, leveraging TikTok’s algorithm with optimized short video content remains critical. While challenges exist, sellers who conduct strong market research can unlock significant potential.
TikTok Shop Mexico Cross-Border Success
TikTok Shop Mexico will open its cross-border POP mode to Chinese merchants in mid-August, lowering entry barriers for cross-border commerce. June data showed beauty and personal care sales reached 563,400 items, with a 32.78% MoM increase, topping category charts. This high conversion rate is driven by TikTok’s interactive short video marketing, with local influencers boosting product credibility. Over 10,000 products are available in this category, and influencer-driven videos exceed 350,000, creating a large-scale traffic generation effect. This cross-border store offers new opportunities for businesses to capture the Mexican market.
Shein Fined €40 Million for False Discount Claims
The French competition authority DGCCRF has fined Shein €40 million (approximately $47 million) for false discount claims. An investigation revealed that 57% of Shein's "discounted" items between October 2022 and August 2023 were not discounted, while 19% offered less discount than advertised, and 11% were even priced higher. Additionally, their claim of "25% emission reduction" lacked substantiation. Shein responded that they had been notified and made corrections, but the fine was still enforced.
