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European firms are «caught in the crossfire» of the US-China trade war and fewer are optimistic about their future in the world's second-largest economy, a business survey showed Monday. The clash between Beijing and Washington does not benefit EuEU firms 'caught in crossfire' of US-China trade war
European firms are «caught in the crossfire» of the US-China trade war and fewer are optimistic about their future in the world's second-largest economy, a business survey showed Monday. The clash between Beijing and Washington does not benefit European companies, contrary to what some might have hoped at the beginning of the dispute last year, according to the European Union Chamber of Commerce in China. «Now the trade tensions are seen as another uncertainty on the business environment, something that won't be sorted out quickly whether there is a deal or not,» said chamber vice president Charlotte Roule. «The trade tensions, according to our members, are not good for business». According to the survey, the trade war is one of the top concerns for European firms in China (23 per cent), after the Chinese economic slowdown (45 per cent), the global economy (27 per cent) and rising labour costs in China (23 per cent). The study, which received replies from 585 firms, was conducted in January, as trans-Pacific trade tensions eased. They ratcheted up again in early May with the United States and China slapping steep increases in punitive customs tariffs on each other. But early... Read more
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