Chinese exporters are bracing for a potential trade war with the US, as former President Donald Trump’s plans to impose tariffs of 60 percent or more on Chinese imports have sparked concerns about the impact on their businesses. Li Wei, a glass-making entrepreneur in northern China, has seen his US exports drop sharply in recent years, and is now working to diversify his business to offset the potential losses. Economists warn that a new trade war could have significant repercussions for China’s economy, which is already facing challenges from a slowing property sector and low consumer confidence.
Forecast for 6 months: China’s exports to the US are expected to decline by 10-15% in the next 6 months, as businesses struggle to adapt to the new tariffs. This could lead to a slowdown in China’s economic growth, potentially affecting consumer spending and investment.
Forecast for 1 year: The US-China trade war is expected to escalate in the next year, with both sides imposing further tariffs and restrictions on each other’s exports. This could lead to a significant decline in China’s exports to the US, potentially affecting the country’s economic growth and stability.
Forecast for 5 years: The US-China trade war is expected to have a lasting impact on the global economy, potentially leading to a shift in the global supply chain and a decline in China’s economic growth. China may need to diversify its exports and investments to mitigate the impact of the trade war.
Forecast for 10 years: The US-China trade war is expected to have a profound impact on the global economy, potentially leading to a new world order with a shift in the balance of power between the US and China. China may need to adapt its economic model and policies to respond to the changing global landscape.
