The US-China trade war is a hot topic, and Chinese consumers are making it a little bit hotter by engaging in boycotts of US-made products.
Out of 1,000 Chinese consumers surveyed by the Brunswick Group, 56% say they have boycotted an American product to show support for China. An even larger percentage, 68%, say that their opinion of American companies has also dropped. This could be detrimental to the US economy, as 77% of Chinese consumers say they often buy products from American companies.
The survey also aimed to document American attitudes toward Chinese companies, with results that were similarly grim. Of the 1,000 Americans surveyed, only 41% of respondents have a favorable opinion of Chinese companies, and just 44% trust these companies to do what is right.
These changing attitudes come as a result of the year-long trade war between China and the United States. For the uninitiated, a trade war occurs when countries attack one another’s trade by implementing tariffs. Since this war of the wallets began, the total value of tariffs applied to the two countries has exceeded USD300 billion.
Both American and Chinese consumers can expect a rise in prices for household goods as a result. In fact, 75% of consumers in China and 60% in America have already noticed a price increase on certain products.
However, in the face of increased tension, most Chinese and American citizens actually support trade between the two countries, with 70% of those surveyed in each country agreeing that there is a mutual benefit.
Many citizens of both nations also believe a trade agreement will be reached within a year, and with President Xi Jinping and President Trump agreeing to not levy new tariffs during the G20 summit, that is certainly a possibility.
[Cover image via Pixabay]