China's Ministry of Commerce spokesperson Gao Feng said during a press conference in Beijing on May 16, 2019, that the United States has continuously and unilaterally been escalating trade disputes and caused serious setbacks in China-U.S. trade talks. (Xinhua/Zhang Yuwei)
by Angela Efros
LOS ANGELES, May 18 (Xinhua) -- As continuing friction in the U.S.-China trade disputes caused volatility in the U.S. stock market, hundreds of business owners, government representatives and higher education leaders gathered in the U.S. state of California to highlight the importance of peaceful international trade.
During the fifth annual Orange County World Trade Week Breakfast and Forum hosted by the Greater Irvine Chamber of Commerce on Thursday, business owners and executives expressed frustration over the U.S.-China trade relationships and concern about the tariff's impact on profits.
Michael Delaney, chief development officer of Worldwide Environmental Products, Inc., told Xinhua that the trade frictions are slowing down potential business deals.
"We have partners from countries around the world that have approached us with opportunities in China but the constant theme we hear is that before making a final decision, our partners want to see the results of the trade talks and how they will affect the U.S.-China relationship," said Delaney.
Worldwide Environmental Products, Inc. provides automotive emissions testing solutions including inspection equipment design and maintenance, database management, quality control and assurance and personnel training. The company used to export to China, but suspended the export in 2018.
Eric Williams, senior manager of international sales for DHL Express, reminded attendees of the incredible e-commerce opportunity in China, comparing China's Singles Day online sales to the Cyber Monday online sales in the United States. "That gives you a comparison of the cross border potentiality," Williams said.
"We only have anecdotal evidence that the tariffs are affecting the businesses bottom line right now -- businesses discussing when and how to raise their prices to pass the tariffs through to their customers because they cannot manage to absorb the tariffs in their profits and losses," said Linda DiMario, executive vice president of the Greater Irvine Chamber of Commerce.
"However, it is evident that it is affecting agriculture first and then rippling into other consumer goods," she added.
Mei Tsang, an intellectual property partner at the law firm Umberg Zipser LLP, said there will be no winner in a trade war. "This is a volatile time for China-U.S. relationships. We have a lot of hard work ahead of us, but the people in both countries know that they have to work with each other."
"That's our greatest strength -- coming together to share, learn from one another and grow together," said DiMario. "I would hope that the two countries would ultimately respect each other ... resolve any disputes honorably and fairly, so we may co-exist, trade and grow side by side in peace."
