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. According to a survey of its members released on Monday, 64 percent of respondents said they have not noticed “any change” in their business as a result of the trade war. Another 10 percent said they were “completely affected” by the trade war. However many European companies said they expected the trade war to be “long-lasting”, and 10 percent have already changed suppliers.

Source: Manila Times December 09, 2019 16:09 UTC