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CFOs feel US trade policy negative for businesses: Survey
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IANS | 15 Sep, 2019
Some 65 per cent of US chief financial officers (CFOs) believe that US
trade policy will be negative for their businesses over the next six
months, a new survey showed.
Thirty-five per cent of CFOs cited
US trade policy as the "biggest external risk factor," more than double
the second biggest risk highlighted -- consumer demand, revealed the
latest quarterly CNBC Global CFO Council survey released on Friday,
Xinhua news agency reported.
"While at a macro level it's easy to
understand the motivation behind the recent policy changes, I can't
find a single CFO who has told me it would be a positive for his or her
business," said Jack McCullough, president and founder of the CFO
Leadership Council, an executive networking group. "I cannot recall when
CFOs were as jittery about a change in policy as they are today."
The
survey was conducted between August 21 and September 3 among 62 global
members of the CNBC Global CFO Council, which represents some of the
largest public and private companies in the world.
According to a
recently released annual survey conducted by the US-China Business
Council (USCBC), US-China trade friction is "negatively impacting" US
companies operating in China, with 81 per cent of the some 100
executives reporting such impact, up by 8 per cent from last year.
Nearly
half of the respondents report lost sales and ceding market share to
foreign competitors, and a "staggering" 37 per cent of respondents
indicate lost sales in China due to Chinese partners' concerns about
doing business with US companies, which are increasingly viewed as
unreliable business partners as a result of the trade tensions, the
survey showed.
Brian Higginbotham, senior economist at the US
Chamber of Commerce, wrote in an article Thursday that in recent months
both business and consumer confidence have "faltered," citing tariffs on
China as one of the factors. "There is a clear consensus that the
recent tariff actions against China are particularly worrisome," he
said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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