American businesses are increasingly pessimistic about their prospects in China as the US trade war rumbles on, with growing numbers of companies expecting their revenues and investment in the local market to shrink, a survey said on Wednesday.
The American Chamber of Commerce in Shanghai"s annual China Business Report also found that 75 per cent of US firms opposed the US use of punitive tariffs to force China into a trade deal and market-access reforms.
President Donald Trump says his tariffs against billions of dollars in Chinese goods -- which have been reciprocated by Beijing -- are hurting China and are good for the United States.
But only half of US companies surveyed said they expect 2019 revenues in China to increase year-on-year, while just over a quarter expect them to fall -- compared with just 6.1 per cent in the previous year"s poll.
Overall, most members of the chamber remain optimistic about a country whose consumer market is still blossoming.
The report also found ...