China-U.S. trade: Businesses hope for the best, prepare for the worst

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02:10

With millions of eyes set on the fresh round of China-U.S. trade talks, businesses on both sides are hoping for a positive result.

Chinese Vice Premier Liu He and other senior Chinese officials are in talks with senior U.S. trade officials in Washington. Business owners in China say that they always hope for the best but stay prepared for the worst.

Xu Xiaofang, president of Zhejiang Fomdas Foods Co., Ltd, said that he and his U.S. partners are closely watching the latest China-U.S. trade talks. /CGTN photo

Mandarin oranges have spent the last 20 years as one of America's favorite fruits. Nearly every U.S. supermarket sells them.

According to experts from the food industry, prices of mandarin oranges are set to rise due to the 10 percent tariff imposed by the U.S. on Chinese goods last September. /CGTN photo

Xu Xiaofang, president of Zhejiang Fomdas Foods Co., Ltd, told CGTN that of course, they all hope the consultations produce good results, but as businesses, they also have to prepare for the worst. Their sales volume in the U.S. market may be negatively impacted.

The 10 percent tariffs may rise to 25 percent if no deal is reached by March 1st./CGTN photo‍

Xu continued that his company is now putting more emphasis on domestic and other markets. Domestic sales grow quickly with a 30-percent increase year-on-year. They're also exploring other markets like Japan, the EU, and countries along the Belt and Road.

Experts around the world also expect China and the U.S., as the world's two largest economies, to collaborate and solve the differences through dialogue.

Many experts have predicted that a trade war will have no winner. /CGTN photo

Professor John A.Quelch, dean of the Miami Business School, told CGTN that Chinese President Xi Jinping and U.S. President Donald Trump have very similar agendas. They both want to make their nations as strong and great as possible. And this very fact makes it easier to find common grounds of compromise.

Xu said that as more Chinese companies go global, it is paramount for them to keep improving their core competitiveness and marketing strategies.

People are not sure when the China-U.S. trade spat will end, but both American and Chinese businesses hope the latest negotiations will bring good results so that their high-quality products can be enjoyed by more consumers worldwide.