CHAOS AT COSTCO
The U.S.-China techno-trade war might be worsening at an alarming rate, but that did not deter enormous crowds of Chinese customers from going crazy over American retail giant Costco at the opening of its first China store in Shanghai on August 27.
There were three-hour waiting times just to get into the parking lot. Before long, the store was forced to shut down for the day over safety concerns.
The American bulk-selling supermarket chain uses the same membership model it does in other countries — the annual fee for membership is 299 yuan ($42).
For details and photos of the Costco frenzy, please click through to SupChina.
MORE TRADE WAR UPDATES
New tariffs went into effect September 1, raising import taxes to a higher level as announced during a Twitter tirade by President Trump on August 23. China also responded with more tariffs — see The Guardian for details.
Eighty-seven percent of American companies do not plan to leave China. Those who have moved or plan to move operations outside the country are three times more likely to move to a third country rather than back to the U.S. Those are two of the findings of a U.S.-China Business Council survey — see more details on SupChina.
No further negotiations are scheduled, Bloomberg reports, despite Trump’s regular claim of “We are doing very well in our negotiations with China.”