US trade tariffs on China and the ban on controversial telco Huawei have sparked a wave of investment in research and development from Chinese businesses as they rush to innovate to protect future growth.
A screen demonstrates facial-recognition technology at the World Artificial Intelligence Conference in Shanghai, China. Companies are being forced to innovate.Australia, the United States and other Western governments have banned equipment from Huawei on national security grounds.
While Chinese businesses are looking at ways to offset the tariffs, the trade war is also dragging the US economy down, according to UBS chief US economist Seth Carpenter, who blamed the tensions as the main reason he was “somewhat pessimistic about the near-term outlook for the US economy”. “If you have these goods that are necessary to produce things and you’re not importing them and you’re not producing them domestically, you’re kind of stuck,” he said.
Source: News Formal (newsformal.com)
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