Companies continue to rely on China despite its strained ties with the US: Companies like Chicago-based first aid kit producer Acme United say decoupling from China is no easy task given the country’s position as the world’s top exporter, Bloombergreports. The company recently invested in a Chinese-made printing press at less than half the cost of a similar machine from the US or Europe. This new machine will quadruple their capacity to produce alcohol wipes. While the company is exploring the potential for production in the Indo-Pacific region and East Africa, China’s dominance in steel production makes it impractical for the scissor producer to decouple from the country entirely.

Others echo the same sentiment: Policymakers at the Qatar Economic Forum have also acknowledged varying levels of closeness with China given its significance as an exporting powerhouse. The UK’s secretary of state for business and trade emphasized the pragmatic nature of their relationship, while the Saudi investment minister highlighted his country’s deep-rooted trade ties with China.

ALSO WORTH KNOWING-

  • The UAE has emerged as a gold trade hub, as Russian gold shipments divert from traditional export routes on the back of the war. (Reuters)
  • Several companies — including American Eagle, Blue Apron and Shopify— are going back on earlier plans to scale e-commerce fulfillment services as online shopping sees demand fall from pandemic highs. (Wall Street Journal)
Tags: