60 pct U.S. biz owners want to deescalate or end trade tensions with China: survey

As many as 60 percent of respondents prefer the Trump administration to deescalate or end its trade tensions with China, according to a latest survey on 500 U.S. business owners by Swiss investment bank UBS.

Stacks of containers to be shipped abroad are seen at the Port of Lianyungang in Lianyungang City, east China's Jiangsu Province, December 8, 2018. [File Photo: IC]

Regarding the preferred approach moving forward, 48 percent want to deescalate the trade tensions while getting some trade concession from China, said a report on the survey issued on Tuesday.

Another 12 percent prioritize ending the trade tensions even if China makes only minor concession, said the report.

Some 33 percent want to keep the pressure up even if trade tensions go on unless China makes major concession, while the remaining 7 percent have no clear stance.

The survey also shows that 60 percent are optimistic about the economy in the following 12 months, down from 76 percent in the previous survey in June this year.

About 75 percent of respondents remain positive on their business outlook in the next 12 months, down from 81 percent in the previous survey.

Only 13 percent indicate they would increase hiring if the current round of trade tensions persist for another six months. About 11 percent would increase business investments versus 15 percent who would scale back investments in case trade tensions continue, according to the survey.

Around 67 percent of business owners said the trade tensions are having a negative impact on both the U.S. and global economy.

UBS noted that it surveyed U.S. business owners with at least 250,000 U.S. dollars in annual revenue and one employee from Aug. 28 to Sept. 3.