One-third of EU firms hit hard by US-China trade war | Eurasia Diary - ednews.net

27 June, Thursday


One-third of EU firms hit hard by US-China trade war

The ongoing trade tensions between the world's two largest economies and tit-for-tat tariffs have adversely affected the fortunes of many European companies in China, a new survey reveals. The outlook remains gloomy.

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The increasingly bitter trade dispute between the US and China is hurting one-third of EU companies operating in China, the European Union Chamber of Commerce in China said on Monday. The industry body commissioned a survey to find out how recent tariff hikes were affecting business.  

The study, which received replies from 585 firms, was conducted in January and February, as trans-Pacific trade tensions eased following a truce between US President Donald Trump and his Chinese counterpart Xi Jinping.

But the tensions ratcheted up again in early May with Washington and Beijing slapping steep increases in tariffs on each other.

The survey said its results are "contrary to expectations that European companies would benefit" from the duties.

"The European chamber disagrees with tariffs," said Charlotte Roule, the chamber's vice president. Nevertheless, she added, China needs to further open its market to foreign companies.

Besides the US-China trade conflict, EU firms said they were concerned about China's economic slowdown, the global economic slowdown and rising labor costs.

Deutsche Welle

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