Since Beijing began to impose retaliatory tariffs on US goods last year, Xu has halted imports, his profits have plummeted, and he may soon need to raise his prices just to survive - which could kill off sales for good."Trump is so bossy and irrational, it forces us to fight back," he said.
But the impact on small- to medium-sized Chinese businesses caught in the crossfire typically gets little attention, partly because China's Communist government suppresses bad news. The trade turmoil has also driven China's currency down, making Xu's imports even more expensive. Overall, his import costs are up 20 per cent so far this year."The trade war has had a huge and direct impact on our business."
Pre-tariffs, Sam Wood would do five to six million yuan of monthly business volume. But it earned only around four million yuan combined for the first three months of 2019.
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