THE IMPACTS OF THE US CHINA TRADE WAR ON VIETNAM

FOREIGN TRADE UNIVERSITY
FACULTY OF ENGLISH FOR SPECIFIC PURPOSES

THE IMPACTS OF THE US-CHINA TRADE
WAR ON VIETNAM

Authored by: Group 1 – TAN432(1-1920).2_LT
Submitted to: M.S Phan Kim Thoa

Ha Noi, November 2019


CATERGORY
TABLES AND FIGURES.............................................................................................3
ABSTRACT...................................................................................................................4
INTRODUCTION..........................................................................................................5
1. TERM AND DEFINITIONS...................................................................................7
2. BACKGROUND INFORMATION ON THE US-CHINA TRADE WAR..............8
2.1. Causes of U.S. Trade War with China...............................................................8
2.2. The US – China Trade War Major Events Timeline..........................................8
3. THE IMPACTS OF THE US-CHINA TRADE WAR ON VIETNAM..................11
3.1. Positive impacts..............................................................................................11
3.1.1. Encourage export from Vietnam...............................................................11
3.1.2. Encourage FDI into Vietnam....................................................................13
3.2. Negative impacts.............................................................................................14
3.2.1. Trade diversion.........................................................................................14
3.2.2. The risk of commercial fraud due to investment diversion.......................16
3.2.3. Negative impacts on the environment and social security........................17
4.

SOLUTIONS.......................................................................................................19

4.1. For government...............................................................................................19
4.2. For companies.................................................................................................20

CONCLUSION............................................................................................................21
REFERENCES.............................................................................................................22

2


TABLES AND FIGURES
Figure 1. Item structure Import from China in the US tax package US $50 billion worth
of goods since 2018......................................................................................................12
Figure 2. Item structure Import from China in the US tax package US $200 billion
worth of goods in September 2018...............................................................................12
Figure 3. Top 5 countries having the largest trade surplus with America in 2017.........17

3


ABSTRACT
The trade conflict between the US and China has the potential to affect
Vietnam’s trade with both countries as both are important trading partners. The
imposition of safeguard tariffs by the US will affect Vietnam’s exports to the US. The
tariffs imposed on China raises the possibility of trade and investment diversion to
Vietnam. Re-exports play an important role in Vietnam’s export adjustments to the US
and China. The possibility of investment diversion from China is high given the
growing presence of China’s investment in Vietnam, which leads to both positive and
negative impacts on Vietnam. This paper shows the positive and negative effects of the
US-China trade war. It also provides some solutions to take advantage of the positive
effects as well as limit the unexpected effects of the trade war.

4


INTRODUCTION
The American - China trade war is an ongoing economic conflict between the
world’s two largest national economies, China and the United States. The US has a
larger nominal GDP, whereas China has a larger GDP when measured in terms of PPP.
China as the world's largest exporter and the United States as the world's largest
importer. They have so far been important pillars for the global economy.
In 2018, President Donald Trump began the trade war by setting tariffs and other
trade barriers on China to force it to make changes to what the U.S. says are "unfair
trade practices". The trade war has caused a significant deterioration in China–United
States relations as the countries exchanged tit-for-tat tariffs for over a year, with Trump
threatening more to come and no resolution in sight.
In the United States, the trade war has brought struggles for farmers and
manufacturers and higher prices for consumers. In other countries, it has also caused
economic damage, though some countries have benefited from increased
manufacturing to fill the gaps. It has also led to stock market instability. The
governments of several countries, including China and the United States, have taken
steps to address some of the damage. The trade war has been criticized internationally.
Many economists argue that escalating tariffs conflicts result in no winners.
External trade plays an important role in Vietnam’s economy, providing an
opportunity for exporters to gain economies of scale by venturing outwards beyond the
confines of the small domestic market. Vietnam has actively participated in global
value chains, through the inflows of foreign direct investments (FDIs) in the country.
However, this openness to international trade also implies that Vietnam is susceptible
to external shocks such as fluctuations in commodity prices and the ongoing trade war
between the US and China as both are important trading partners for Vietnam.
The current trade tensions can affect Vietnam’s direct exports with the US due to

the imposition of safeguard tariffs on selected items, which includes some of Vietnam’s

5


major exports to the US. It may also affect Vietnam’s trade with China since some of
Vietnam’s exports to China contribute towards its exports of final products to the US as
well as other third country export markets. At the same time, any slow-down in China’s
economy due to the negative impact of the trade war can also affect Vietnam. There is
also the possibility that the US may substitute some of its imports from China with
imports from Southeast Asia, including Vietnam. Investment diversion is another
potential impact as investments shift away from China to avoid the tariffs. Hence, the
tariffs imposed on China has the potential to generate trade and investment spill-overs
in Vietnam's trade with the US as well as China.
The objective of this study is to examine the potential impact of the ongoing
trade war between the US and China on Vietnam’s trade and investment, environment,
and social security. Specifically, it suggests some solutions to take advantage of the
positive effects as well as limit the unexpected effects of the trade war.
The paper consists of four (04) main parts:
1.

Terms and definitions

2.

Background information of the US-China trade war

3.

The impacts of the US-China trade war on Vietnam

4.

The solutions to deal with the US-China trade war

6


1.

TERM AND DEFINITIONS

A trade war is when a nation imposes tariffs or quotas on imports and foreign
countries retaliate with similar forms of trade protectionism. As it escalates, a trade war
reduces international trade.
A tariff is a tax that is paid on goods coming into or going out of a country
(Oxford Dictionary) Tariffs are generally introduced as a means of restricting trade
from particular countries or reducing the importation of specific types of goods and
services.
For example, to discourage the purchase of Chinese leather handbags, the U.S.
government could introduce a tariff of 50% that drives the purchase price of those bags
so high that domestic alternatives are much more affordable. The government hopes
that the added cost will make imported goods much less desirable.
A quota is the limited number or amount of people or things that are officially
allowed (Oxford Dictionary). A quota is a government-imposed trade restriction that
limits the number or monetary value of goods that a country can import or export
during a particular period.
A foreign direct investment (FDI) is an investment made by a firm or
individual in one country into business interests located in another country
Commercial fraud is a badge applied to a number of wide ranging different

actions against or involving a company or business usually involving criminal activity
or dishonesty.

I.

7


2.
1.1.

BACKGROUND INFORMATION ON THE US-CHINA TRADE WAR
Causes of U.S. Trade War with China
U.S. politicians have long threatened a trade war with America's largest trading

partner in goods. A trade deficit occurs when exports are less than imports. In 2017, the
United States exported $130 billion to China. The three largest export categories are
aircraft at $16 billion; soybeans, $12 billion; and automobiles, $11 billion.
U.S. imports from China were $506 billion. Most of it is electronics, clothing, and
machinery. (According to the Guardian Newspaper)
Half of all Chinese imports are goods used by U.S. manufacturers to make other
products. They send raw materials to China for low-cost assembly. Once shipped back
to the United States, they are considered imports. The tariffs raise their costs, forcing
them to either raise prices or lay off workers.
An example is a salmon caught in Alaska and sent to China for processing, then
sent back to U.S. grocery shelves. If Trump imposes tariffs on seafood imports, it will
raise prices by 25 cents to 50 cents a pound. (Source: USITC Data)
China is the world's No.1 exporter. Its comparative advantage is that it can
produce consumer goods for lower costs than other countries can. China has a
lower standard of living, which allows its companies to pay lower wages. American

companies can't compete with China's low costs, so it loses U.S. manufacturing jobs.
Americans, of course, want these goods for the lowest prices. Most are not willing to
pay more for "Made in America."
2.1.

The US – China Trade War Major Events Timeline
According to China Brief
Total US tariffs applied exclusively to China: US$550 billion
Total Chinese tariffs applied exclusively to the US: US$185 billion

8


May 2, 2016: While campaigning for the Republican Party’s presidential
nomination, Trump says “We can’t continue to allow China to rape our country and
that’s what they’re doing. It’s the greatest theft in the history of the world.” The
statement is one of many that Trump makes on the campaign trail about China’s trade
practices.
March 22, 2018: Trump signs a memorandum directing the following acts:




To file a WTO case against China for their discriminatory licensing practices;
To restrict investment in key technology sectors; and
To impose tariffs on Chinese products (such as aerospace, information

communication technology, and machinery).
March 23, 2018: the US imposes a 25 percent tariff on all steel imports (except
Argentina, Australia, Brazil, and South Korea) and a 10 percent tariff on all aluminum

imports (except Argentina and Australia).
April 2, 2018: China imposes tariffs (ranging 15-25 percent) on 128 products
(worth US$3 billion) including fruit, wine, seamless steel pipes, pork and recycled
aluminum in retaliation to the US’ steel and aluminum tariffs.
April 3, 2018: The USTR releases an initial list of 1,334 proposed products
(worth US$50 billion) subject to a potential 25 percent tariff (list revised June 15).
April 4, 2018: China reacts to USTR’s initial list, and proposes 25 percent tariffs
to be applied on 106 products (worth US$50 billion) on goods such as soybeans,
automobile, chemicals (list revised on June 16).
May 3-7, 2018: the US and China engage in trade talks in Beijing, where the US
demands that China reduce the trade gap by US$200 billion within two years. Talks
end with no resolution.
June 4-5, 2018: Two days of trade talks between the US and China held in
Beijing.

9


June 15, 2018: Initial list of products reduced and finalized. List 1 now
implements a 25 percent tariff on a reduced 818 products (from 1,334) and is set to
take effect on July 6, 2018. List 2 of 284 new products is also announced and under
consideration.
June 16, 2018: China revises its initial tariff list (25 percent on 106 products) to
now includes a 25 percent tariff on 545 products (valued at US$34 billion). This tariff
will take effect on July 6, 2018. China also proposes a second round of 25 percent
tariffs on a further 114 products (valued at US$16 billion).
July 10, 2018: the US releases second tariff list.
September 7, 2018: Trump threatens new tariffs.
September 17, 2018: the US finalizes tariffs on US$200 billion of Chinese
goods.

December 14, 2018: China levies temporarily lower tariffs on American autos;
resumes buying US soybean exports.
January 7-9, 2019: the US and China engage in 3-day trade talks in Beijing.
January 22, 2019: the US cancels preparatory talks with China.
April 1, 2019: China bans all types of fentanyl.
April 3-5, 2019: the US and China hold trade talks in Washington.
April 30-May 1, 2019: the US and China hold trade talks in Beijing.
July 9, 2019: the US exempts 110 Chinese products from 25 percent tariffs,
issues licenses to American Huawei suppliers.
September 5, 2019: China and the US agree to 13th round of trade talks.

10


3.
3.1.

THE IMPACTS OF THE US-CHINA TRADE WAR ON VIETNAM
Positive impacts
3.1.1. Encourage export from Vietnam
The US-China trade war will bring export opportunities to the US and Chinese

markets for some Vietnamese products. The imposition of tariffs on Chinese exports
will reduce the competitiveness of Chinese goods, which means reducing imports from
China so they will be importing similar goods from other countries including Vietnam.
According to calculations by the Peterson Institute for International Economic
Research from USITC data, among China's exports subject to 25% taxation by the
United States in the first and second batch (totaling 50 billion USD), intermediate
goods, means of production, means of transport account for a high proportion, while
consumer goods account for a very small proportion. However, when the 10% tax

(increased to 25% on January 1, 2019) to the US $ 200 billion of goods imported from
China took effect on September 24, 2018, the list has expanded. Many consumer goods
groups, including wood and furniture, bags, agricultural and aquatic products, are quite
similar to some of Vietnam's major consumer goods exported to the US. Looking at the
export turnover of similar products from Vietnam to the US market in recent years, it
can be seen that Vietnam's export sectors that have benefited the most include wooden
furniture, agricultural and aquatic products, electronics, phones, computers, bags,
suitcases.
According to the Peterson Institute for International Economic Research, in both
times China levied a total retaliation of up to US $ 50 billion worth of imports from the
US and the most recent was up to the US $ 60 billion worth of goods. Goods most
affected are intermediate goods and means of production, while consumer goods only
account for a small proportion of about 7%. In particular, computers, electronic
products and components (valued at 3.7 billion USD); phones of all kinds and
components (valued at 2.1 billion USD), fresh vegetables and fruits (worth 1.4 billion

11


USD) ... are the top export items of Vietnam to China in the first 6 months 2018,
according to data from the General Department of Customs. Especially now, the
country is increasingly interested in Vietnam's agricultural and aquatic products, so
Vietnam has an opportunity to boost exports of this group to the Chinese market,
according to the 2017 Export-Import Report of the Ministry of Industry and Trade.

Figure 1. Item structure Import from China in the US tax package US $50 billion
worth of goods since 2018
Source: Peterson Institute for International Economic Research
1.00%
25.00%

50.00%

24.00%
Consumer goods
intermediary goods

production materials
another goods

Figure 2. Item structure Import from China in the US tax package US $200 billion
worth of goods in September 2018
Source: Peterson Institute for International Economic Research

12


3.1.2. Encourage FDI into Vietnam
Besides increasing exports, attracting foreign direct investment (FDI) is also an
opportunity and a trend to shift investment from China to Southeast Asian countries,
including Vietnam, due to the increase in cost and risk when doing business in China.
Currently, some US businesses investing in China also tend to shift production to other
countries and Vietnam, such as Procon Pacific, which previously manufactured all
products in China, now produce 25% in India and 5-10% in Vietnam.
The US-China trade tensions could also be an opportunity for Vietnam to attract
more investment from the US and be a push for this shift to happen faster. With
geographic location near China, cheap labor costs, stable political and economic
situation, besides the advantages of the US-Vietnam Bilateral Trade Agreement (BTA),
13 trade agreements Free trade agreements (FTAs) have been signed and newgeneration free trade agreements are awaiting ratification such as Vietnam-EU Trade
Agreement (EVFTA), Vietnam becomes an attractive destination for multinational

companies after trade tensions. Major global manufacturers such as Intel, Foxconn,
LG, and Samsung have all moved their factories to Vietnam, according to an analysis
by The Economist Magazine (EIU).
At the same time, Chinese companies are also transferring orders to produce
goods affected by the higher tax rates to partners in Vietnam. Some Chinese
manufacturers may increase their investment in Vietnam or cooperate with companies
in Vietnam to fulfill orders for their partners in the US market. According to a survey
of Chinese manufacturers conducted by Standard Chartered Bank in June 2018,
Chinese manufacturing companies said they wanted to relocate their factories to
Vietnam more. With the trade war between the US and China, companies have another
reason to shift production to Vietnam, which is to avoid US punitive taxes.

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3.2.

Negative impacts
3.2.1. Trade diversion
a)

Competition in the domestic market

It is undeniable that China's imposed tariffs by the US made a considerably
negative impact on Vietnam domestic market.
Causing great competitive pressure on domestic goods: When the US imposes
taxes; China may have devaluation policies, pushing goods to surround countries,
including Vietnam. As a result, this leads to reduce China’s dependence on the US and
maintain export turnover. Specifically, Chinese goods which have the advantage of
affordable price, appearance with eye-catching designs will find their way into other

markets, most easily by countries sharing the same border as Vietnam. According to
data from the General Department of Customs: industrial machinery and products are
one of the main import items of Vietnam from China while the recent trade policy of
the US Government is aimed at the manufacturing industry. As a result, China's
industrial products are likely to flow into the Vietnamese market and create the risk of
Vietnam's further trade deficit from China after this trade war.
Not only that, if the trade war with the US lasts, Chinese enterprises shifting
production to Vietnam will compete directly with Vietnamese enterprises in purchasing
raw materials, labor as well as taking advantage of preferential treatment of goods
origin in free trade agreements which Vietnam has signed and will sign.
Besides, US goods that are taxed by China are also likely to flood into the
Vietnam market. An example is an American pork. With China imposing an additional
tax of 25%, the tax on US pork exports to China has risen to 71%, and with such a high
tax, it is difficult for US pork to gain market share in China and Vietnam become an
attractive alternative to these products. Thus, the price of pork in Vietnam is currently
around 48,000 to 50,000 VND / kg, one of the highest in the world, while the price of
US pork imported into Vietnam is just over 1.5 USD / kg, equivalent to only about

14


35,000 VND / kg. Therefore, US pork will have a great comparative advantage in the
domestic market of Vietnam. (Source: Zing New)
b)

Competition in the foreign market

When goods from the US and China are subject to tariffs from the other party, it
will lead to the flow of goods from these two countries to other countries, leading to
the risk that Vietnam's goods face the risk of market decline. share in some markets

around the world and the region. If Vietnamese exporters do not change the quality and
design of products, they will not be able to maintain long-term relations with export
partners. If export contracts are not reduced, the risk of businesses shrinking, leading to
bankruptcy, unemployment will increase.
c)

Competition in the US and China market

US-China trade war also creates the risk of reducing the market share of exports
to the US market and China market. This difficulty is not only for Vietnam but for all
countries in the world.
 Competition in the US market
Enterprises in the US have implemented a solution to increase domestic product
consumption because US goods, which imported into China, are highly taxed.
Therefore, It is difficult for the exported commodity from China to compete in this
market. While the largest export market of Vietnam in the US, so we can’t be
subjective with these effects.
 Competition in the China market
The trade war between the US and China has caused some adversities for
Vietnam to export commodities, especially, electronic components and devices to
China. According to data from the General Department of Customs, in the first 6
months of 2018, China was Vietnam's third-largest export market after the US and EU.
One of Vietnam's important exports to China is the electronic components that China
uses to produce exports to the United States. When products are highly taxed, demand

15


for Chinese products falls, Vietnam will also be affected. Because Chinese production
stalled also affect demand for imported raw materials from Vietnam.

3.2.2. The risk of commercial fraud due to investment diversion
Vietnam faces the risk of becoming transshipment point of Chinese goods in the
form of temporary import for re-export or fake production. This process is made
through domestic enterprises or FDI companies. If these goods are labeled as made in
Vietnam to avoid taxes, these activities will be monitored by the US more closely or
the US could even use tariff barriers on imported goods transiting through Vietnam.
Vietnam's major exports to the US are footwear, electronic, chemical and steel,
etc. These commodities often have some ingredients originating from China. Taking
the steel industry as an example, at the end of May 2019, several Vietnamese steel
products, but originating from China, were investigated by the United States.
Consequently, the US decided to tax them up to 450% (including 199.76% of antidumping tax and 256.44% of countervailing duty). Another affected industry is the
footwear industry. Currently, the production capacity of the Vietnamese footwear
industry is over 1 billion pairs per year and it would take 10 years to double this
capacity. Meanwhile, China exports 1.7 billion pairs to the US. If half of these Chinese
shoes are sent to Vietnam for production, the Vietnamese footwear industry could not
do it. Vietnam exports 460 million pairs of shoes per year, if the turnover surges
sharply, the risk of the US applying the anti-dumping tax on the whole footwear
industry is extremely high. (Source: Doanh nhan Sai Gon)
Once the US trade agency finds out any signal of trade fraud in the origin of
goods exported to the US from Vietnam, Vietnamese companies shall be responsible
for it. Besides that, not only a specific industry but the entire industry will be affected.
It also affects the reputation of Vietnam, and put Vietnam into the US's sights, thereby
leading to Vietnamese-made goods that will be tightly controlled and taxed higher by
the US.

16


400
350

Billion USD

300
250
200
150
100
50
0

China

Mexico

Japan

Germany

Vietnam

Figure 3. Top 5 countries having the largest trade surplus with America in 2017
Source: USITC Data Website

According to USITC data, Vietnam currently ranks fifth among the economies
with the largest trade surplus with the United States with a value of US $ 38 billion in
2017, after China, Mexico, Japan, and Germany. In 2017, the US trade deficit with
Mexico was 71 billion USD, leading to the action of President Donald Trump
withdrawing from NAFTA agreement and imposing steel and aluminum tax. The
European Union (EU) has also been hit by the US with aluminum (10%), steel (25%)

and threatened to impose a 20% tax on cars. Similarly, for Japan, the US not only
withdraws from the TPP but also imposes duties on aluminum, steel, and car. Vietnam's
export is heavily dependent on developed countries including the US so if being
"targeted" by the United States, the impact on Vietnam's economy will be much more
negative than that of the EU, Mexico, Japan or China.
3.2.3. Negative impacts on the environment and social security
The relocation of Chinese-based production to Vietnam, though providing shortterm boosts in exports and foreign investment, also add to the risk for Vietnam to
become a "polluting haven". The reason is that Chines companies will use the
American-China trade war to accelerate the process of transferring outdated and
pollution-generating technologies to Vietnam, causing environmental stress and
damage.

17


At the press conference on 28th September 2018, Nguyen Bich Lam, Director
General of the General Statistics Office (GSO), explicitly expressed the concern that
the "waves" of Chinese enterprises relocating to Vietnam could make the country a
destination for outdated, pollution-generating, and small-scale industrial technologies
coming from our giant neighbor.
Formosa is a good case in point. Public fears were raised – expressed at the time
in racial sentiments against ethnic Chinese – when mass fish die-offs took place in
central Vietnam's coastal provinces in 2016. The disaster was caused by Taiwan-owned
Formosa Ha Tinh Steel, which discharged toxic industrial waste into the ocean.
Besides that, a large number of Chinese businesses will likely go bankrupt,
causing part of the workforce to lose their jobs. Most of them are cheap and unskilled
labors so they will need to move to border areas to make a living, which will cause
social security concerns for Vietnam.

18

4.
4.1.

SOLUTIONS

For government
Firstly, it is necessary to monitor and examine the ongoing situation to make

detailed analyses and forecasts as well as draw up different coping strategies to deal
with global economic fluctuations including trade policy and the exchange rate of
China.
Secondly, there is an urgent need for the government to enhance the provision of
information related to the US-China trade war which includes ensuring the full and
timely awareness of all participants in the import and export value chain of the moves
between two parties and the list of goods subject to punitive taxation to stabilize
market sentiment.
The third solution is that the government should give businesses specific
directions about the process of diversifying, approaching and expanding export
markets, especially those with which Vietnam has signed an FTA.
Fourthly, there should be a mechanism to support businesses in investing in
improving product quality so that they will be able to meet the requirements for quality,
design, and price, from which can they avail themselves of the opportunities to
participate in the US market in a sustainable way.
Fifth, it is suggested that Chinese goods that may enter the Vietnam market
should be examined carefully. Specifically, the import of goods from China into
Vietnam at the border gates needs to be thoroughly controlled and there should be
specific and strict criteria for certifying goods originating in Vietnam when exporting
them to the US to prevent the risk of being subject to punitive tax from this country.

Additionally, the government should make sure of the continuous update of
information as well as the early application of currently valid trade remedies in the
event of widespread US-China trade tensions.

19


Seventh, careful consideration and calculation are required before choosing the
appropriate time to adjust the exchange rate because the devaluation of Vietnam dong
may give an impulse to exports but will also lead to an increasing inflation rate and
cost of importing raw materials for domestic production.
Finally, it is important for the government to continue improving administrative
procedures, improving the investment environment and accelerating the restructuring
process of Industry and Trade so as to foster economic restructuring, improving quality
of growth, labor productivity and national competitiveness.
4.2.

For companies
First of all, companies in Vietnam should keep track of the government's

announcements about goods subject to punitive taxation from both the US and China
so that they can proactively adjust production processes and seek for opportunities to
diversify and boost the export of goods to these two big markets.
Secondly, activities of researching and forecasting a number of Chinese and
American goods that are likely to be increasingly imported into the Vietnam market in
the case of Chinese exports to the US and US exports to China are restricted should be
encouraged in order to have time control measures and prompt response.
Furthermore, in order to stabilize and develop sustainable export to the Chinese
market, it is inevitable for Vietnamese companies to actively cooperate with Chinese
enterprises to formulate import-export plans and sign long-term import and export

contracts. Besides, the development of the distribution system in the Chinese market
and the establishment of more joint venture companies with Chinese enterprises to
enter the wholesale distribution channel should also be emphasized.
Last but not least, technical barriers from the US and China limiting Vietnamese
goods from entering the markets should be anticipated in order to ensure adequate
preparation and opportune countermeasures.

20


CONCLUSION
It can be concluded that the trade war between the US and China is still
increasingly fierce and shows no sign of ending. This has exerted significant impacts
on the economies of both countries as well as other open economies in the world, and
Vietnam is not an exception. Many experts said that in the long run, Vietnam, an open
economy whose scale is not large but the speed of expansion is very fast, is still likely
to experience both positive and negative effects of the US-China trade war. Minister of
Industry and Trade Tran Tuan Anh once said: "Vietnam's economy is deeply integrated
into the world economy, so it is naturally affected by global economic fluctuations".
Overall, although the US-China trade war will bring Vietnam various benefits
including opportunities to expand the economy, the risks and challenges from it are
also enormous and unpredictable. However, from an optimistic perspective, analysts
believe that Vietnam can benefit if it attempts to take advantage of opportunities.
Specifically, the government of Vietnam needs to improve its managerial and guiding
role. Along with that, Vietnamese businesses also need to know how to take advantage
of present opportunities, update global news and improve the quality of products to
turn difficulties into opportunities for themselves.

21

REFERENCES
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1.

Chad P. Bown, Euijin Jung, Zhiyao (Lucy) Lu (2018), “Trump and China

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9,

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3.
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10,

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accessed

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22

1.
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23


LIST MEMBERS OF GROUP 1

No

Full Name

Student ID

Responsibility

1

Introduction; 3.2.2; 3.2.3; word

2

1; 2

3

4; conclusion

4

3.2.1; power point

5

Abstract; 3.1

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