Chinese factories are responding to threats of a trade war by reducing prices, workers and investment, according to UBS Group AG.
Some 86 percent of companies affected by U.S. tariffs reported a decline in orders, according to a survey of 200 chief financial officers in manufacturing firms with significant export business. While most have plans to diversify into less trade-heavy sectors, they don’t expect to fully offset weaker demand. Of the 125 companies saying business has already been hurt:
