U.S.-China trade war impacting companies worldwide
The Special Report on the Impact of U.S. and Chinese Tariffs was conducted between September 21 and October 10, shortly after the additional US$200 billion in tariffs on Chinese products imposed by the Trump administration and the tariffs on US$60 billion on the U.S. products by the Chinese government.
A total of 219 companies participated, of which one third are engaged in the manufacturing industry, more than one half in the service sector, and around one seventh in other industries. Roughly 95 percent of respondents have operations in China.
The Study shows the combined tariffs have negatively impacted various industries and companies not only from the U.S. and China, but also those from different origins, affecting business operations and resulting in substantial loss of business volume and market share. Participants in the Study include companies from China, U.S., Canada, European Union, Japan, Korea, Southeast Asia, Australia, New Zealand, and Hong Kong and Macau SARs.
Nearly a half of the respondents report that they have lost market share to companies from other countries due to the trade war. Vietnam, Germany, and Japan are generally considered as the top three competitors particularly for the U.S. companies in imports and exports, while for the Chinese the competitions come from Vietnam, India, and Korea. Among all the participants, manufacturing companies are suffering more losses of market share than those in agribusiness. ■