BEIJING: The US-China trade war has failed to force businesses back to the US from China, as most of them have found ways to avoid or endure the cost of tariffs amid the protracted spat, according to European companies operating in the world’s second-largest economy.
That means that companies reroute the origins and destinations of US-or China-bound goods, avoiding the tariff “border”, the chamber said. The results of the Sept 12-20 survey were from 174 respondents. “Is this meeting the intended goal of driving investors – particularly larger companies – from the Chinese market back to the US? Clearly not.”The trade group, representing over 1,600 European companies, said that despite some companies fleeing China, about an equal number of them are upping their stake there by moving their supply chains onshore to avoid tariffs altogether.
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