European firms increasingly pessimistic about prospects as US-China trade war drags on

A survey by the European Union Chamber of Commerce in China showed that 45 per cent of the 585 European firms which responded were optimistic about growth in the next two years, compared to 62 per cent in 2018.
A survey by the European Union Chamber of Commerce in China showed that 45 per cent of the 585 European firms which responded were optimistic about growth in the next two years, compared to 62 per cent in 2018.PHOTO: NYTIMES

BEIJING - European businesses in China have grown more pessimistic in their growth outlook, as the effects of a protracted trade war begins to take its toll on both the Chinese and world economies, according to a survey released on Monday (May 20).

While some pundits had expected European firms to benefit from the clash between the US and China, any gains have been far outweighed by the negative impact to global supply chains and added uncertainty in the business environment, the European Union Chamber of Commerce in China said.

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