Trump trade war with China has cost U.K. companies $170 billion: report
The ongoing US-China trade war and talks delays could cost small and medium-sized businesses as much as $750bn, according to one attempt to quantify its scale.
Also released on 18 August, the Stenn survey polled 706 senior decision makers at medium-sized businesses across the UK, US and Chinese markets, and took place at the end of 2019. Worst-hit, however, were the Chinese firms in the survey, who said the tariffs would cost them $4.46m each on average. Almost half of them said their operating costs would increase and more than half said their supply-chains had been hit.
More recent consensus appears to dovetail with the views found in Stenn’s survey. Fund managers overseeing a combined $490bn collectively judge the trade war as the second-biggest risk to the global economy; it was cited by 19% of them in Bank of America’s regular monthly survey as the largest threat, behind a second wave of Covid-19 on 35%.
“This in return will likely prompt US President Trump to ramp up the confrontation with China, ahead of the US Presidential election in November.”
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