US tariffs bring new opportunities for European companies

The United States' unilateral tariff policy has created an opportunity for European businesses in China to capture a greater market share from their US counterparts, as shown by a recent survey by the European Union Chamber of Commerce in China.

According to the survey, released on Thursday, 13 percent of the respondents stated that they are getting more business from Chinese customers, with another 6 percent saying they are securing more business from other foreign companies operating in China.

Additionally, 36 percent of the respondents noted that they are not yet experiencing a positive impact but they expect to.

The US has raised its tariffs to 145 percent on most goods from China, which has responded by imposing 125 percent levies on US goods. This could lead to a significant number of US products being priced out of the Chinese market due to high tariffs.

"It is difficult to overstate how much uncertainty this trade war has created for our members," said Jens Eskelund, president of the chamber. "But we believe that China can turn crisis into opportunity and demonstrate that it is a stable and predictable investment destination."