China is moving slowly in the implementation of retaliatory tariffs as trade tensions with the US have escalated. The Chinese government pushed ahead on Sunday with increased duties of between 5 percent and 10 percent on a variety of major American goods exported to China, including soybeans and crude oil.
In an interview with CNBC-TV18, Nielsen's global CEO David Kenny talked about the US-China trade war, political uncertainty over Brexit and the slowdown in India impacting consumer sentiments.
While the US-China trade war may impact sales of consumer electronics this Christmas, Kenny remains bullish about consumer demand in India across sectors such as retail, fast moving consumer goods and the media.
“We look at consumers in 105 countries, we find that they are still buying products every day. Uncertainty and change always cause consumers to take a little break and I think they are reconsidering,” he said.
Speaking about the bright spots in the global economy, Kenny said: “Any place where consumers are getting empowered with new technology and new job opportunities is where you see growth. India remains a very important market for all of our global clients and certainly for Nielsen.”
“The trade war between the US and China is going to affect the products that are produced in China. For instance, consumer electronics; when we look at the broader economy, those products are going to be more expensive. The retailers and importers are going to have to pass some of that to the consumers. Of course, higher cost will reduce the amount of spending,” he observed.