At first glance, the US appears to have the upper hand in its trade war with China. Its bilateral trade deficit of $419bn last year means it can hit many more Chinese products with tariffs than the other way around.
But one element in China may prove to be more important than numbers: the willingness of Chinese consumers to vote with their wallets and boycott US products.
If they do so, the consequences for US companies could be immediate and lasting. Competition in China is fierce, and competitors could use any boycott to deal a permanent blow.
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