US President Donald Trump has imposed tariffs on billions of dollars of goods from China, and is threatening more. The International Monetary Fund (IMF) predicts the trade war could shave nearly 2 per cent off China’s GDP growth over the next 2 years. Its small and medium-sized manufacturing companies are feeling the pressure. “I expect we will lose about 25-30% of our orders,” said Danny Lau Tat Pong, managing director of Kam Pin Industrial HK Ltd.
Trump’s tariffs have accelerated the process of businesses moving out of China. Stanley Szeto, executive chairman of the Hong Kong Textile Council, said tariffs have not yet been imposed on apparel products, but 99 per cent of its buyers are American and they are concerned.
“The main thing we have understood from this trade war is that there are no winners. There’s only varying degrees of losers,” said Peter J Levesque, CEO of Modern Terminals.
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