A recent survey showed that almost 60% of the respondents believe that the trade war launched by the US’ former Donald Trump administration has negatively affected the world.
The survey was carried out by Global Times Research Center among 2,981 respondents from China and the US. This included 988 employees working for companies related to China-US trade, 338 of whom hold management positions.
Impact on the US and China
Almost 60% of the American respondents said that the move negatively impacted the US, while 53% of Chinese respondents said the trade war adversely affected China.
Washington continues to impose tariffs on more than $300 billion worth of Chinese goods, while Beijing has levied its own tariffs on some American products as a countermeasure.
Nearly 60% of US respondents believe US-launched trade war against China hurts US: GT poll
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Furthermore, Chinese respondents believe that there is a 33% possibility that the US can successfully contain China through the trade war. Meanwhile, US respondents said that Washington has a 52% possibility of success.
Economic and Corporate Effect
Whereas, 53% of Chinese and 39% of American respondents said that the trade war has helped fuel innovation capacity in their respective home countries.
Moreover, 59% of Chinese respondents working in companies related to the two countries’ trade said that the trade restrictions had slashed their companies’ annual revenue by around 30%, while only 38% of their American counterparts reported a similar effect.
Ending the Trade War
More than 40% of Chinese respondents agree that “now is the time to cancel tariffs placed on Chinese goods,” while only 27% of American respondents agreed that tariffs, which mark their 5th anniversary this month, must be revoked.