Retail

Trade war with US will hit Chinese consumer confidence

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The chief financial officer of Luckin CoffeeStarbucks’ challenger for the Chinese coffee market — said Thursday that the trade war will hit consumer confidence.

“Look, I think China is very resilient. I think overall there will be a bit of softness across the market you feel. It will hit, sort of, consumer confidence at some point, I think,” Luckin CFO Reinout Schakel said on CNBC’s “Squawk on the Street ” Thursday.

The trade war between the United States and China has been dragging on for more than a year. Tariffs from the U.S. on Chinese exports have weakened China’s economy, with the country posting its lowest rate of economic growth in nearly 30 years.

Luckin’s strategy has…



Source cnbc.com

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