Beijing
European companies in China have been able to minimise the effect from the tariff war between Beijing and Washington, although some are considering relocating their businesses, the EU Chamber of Commerce said Monday.
The world’s two biggest economies have been entangled in a lingering trade war for over a year, which has weighed on the global economy and resulted in hundreds of billions of dollars in punitive tariffs slapped on two-way trade.
European companies in China “have effectively negated the tariff effects in a relatively short space of time,” said the president of the EU Chamber of Commerce in China, Joerg Wuttke.
Many companies have “effectively side-stepped” the steep tariffs by rejigging their supply chains and leveraging their global corporate networks, the chamber said in a statement.
According to a survey of its members released Monday, 64 percent of respondents said they have not noticed “any change” in their business as a result of the trade war. —APP
