The volatility of the U.S. – China Trade war has caused considerable uncertainty for companies with global manufacturing networks. Increasing tariffs, regulations and other barriers are forcing companies to adapt to prepare for commercial risks amid escalating trade tensions.
Companies from Tesla Inc. to Walmart Inc. are expanding operations in the world’s second-biggest economy — helping offset the departure of goods manufacturers that have had to rethink supply chains after U.S. tariffs made their products more expensive.
The trade standoff between the U.S. and China has yet to seriously impact the pharmaceutical and life sciences industries. But as neither side shows signs of backing down, and tariffs continue to be levied on virtually every segment, those sectors are preparing for a major supply-chain disruption.
China and the U.S. plan to highlight joint efforts to crack down on fentanyl smuggling, addressing an opioid epidemic that President Trump has asked his counterpart Xi Jinping to help alleviate as part of broader trade talks.
The trade war and China’s economic shift made 2018 a tough year for global shipping and will continue to reverberate through the industry, according to the United Nations Conference on Trade and Development.