The coronavirus has disrupted supply chains and demand across the global economy, but it is the prospect of Europe becoming a casualty in the U.S.-China tech war that keeps the president of the European Chamber in China 'awake at night'.
GUANGZHOU, China - The coronavirus has disrupted supply chains and demand across the global economy, but it is the prospect of Europe becoming a casualty in the U.S.-China tech war that keeps the president of the European Chamber in China “awake at night”.
China is starting to recover from the coronavirus that was first identified in the central city of Wuhan in December before spreading across the world, infecting more than 8.3 million people. Fears of a second wave have grown after an outbreak in Beijing last week. European firms are currently “navigating in the dark”, due to the uncertainty brought by the virus, Wuttke said.
“We have a complete reliance on American semiconductors, as does China,” he said. “We also have a huge market here . The move effectively banned U.S. firms from doing business with the world’s largest telecom network gear maker and escalated a trade battle between the world’s two biggest economies. “But they can’t really compete here, which of course gives you a very, very big disadvantage, because China is 50% of the possible 5G market.”
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