SHANGHAI - As the United States-China trade war drags into its 16th month and continues to disrupt supply chains, more than one-quarter of multinational firms have not made contingency plans, according to a survey from a subsidiary of courier giant DHL.
Of the respondents, 48 per cent from the engineering and manufacturing industry and 40 per cent from the car mobility sector reported that they had no contingency plans at all, even though both fields have been heavily targeted by both countries in the trade war. Of the 12 per cent of respondents that have moved manufacturing out of China, some said they faced headaches such as a lack of skilled labour, heavy port congestion and maintaining supplier quality, the survey showed. India and Vietnam were among the most popular alternative locations.
The disruption has led other Asian countries to compete for investment from companies moving supply chains to escape higher tariffs, with governments offering tax breaks, promising to slash red tape and sending trade missions.
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