A recent survey by Deutsche Bank’s big data platform dbDIG showed 41% of Americans would not buy a “Made in China” product again and 35% of Chinese would avoid buying products “Made in USA”.
The coronavirus pandemic is fuelling mistrust among consumers in China and the United States about each country’s products, as the momentum for a decoupling between the world’s two largest economies intensifies.
US consumer distrust of Chinese products has been boosted by comments from American officials, particularly President Donald Trump, who has blamed China for the pandemic and raised doubts about Beijing’s trustworthiness. In a separate US consumer survey, conducted by Washington-based business advisory FTI Consulting, 78 per cent of respondents said they would be willing to pay more for a product if the company had moved manufacturing out of China.
Abundant cheap labour and world-class infrastructure resulted in China becoming the “factory of the world” and US consumers benefited from the supply of inexpensive made-in-China goods. “China has risen in an eye-watering fashion so that has provoked anxiety in Western nations seeing their own countries’ prominence in the world economy being degraded as a result of this,” said Marie Owens Thomsen, global head of investment intelligence at Indosuez Wealth Management.
“You do want a strong defence budget. But you don’t want to spend so much that it cannibalises the rest of the economy and then the whole country just doesn't function as it should,” he said.
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