News

LED Company Wins $66 Million Trade Secret Verdict Against Chinese Competitor

Scott Graham | August 13, 2018

San Jose's Lumileds alleged in a superior court trial that a former scientist had secretly been on the payroll of Zhuhai's Elec-Tech International for six months.

NY Law Firm Credits Trump Tax Plan for Irish Expansion

Dan Packel | August 13, 2018

Since the passage of the Trump tax plan in December, Tully Rinckey has both opened up a new office in Dublin and restructured its American operations.

News

Ince & Co Senior Partner Steps Down Early From Top Leadership Role

Joseph Evans | August 13, 2018

Jan Heuvels has left his post immediately as the British firm begins the hunt for a successor.

News

Squire Patton Boggs Adds Employment Partner in Australia

John Kang | August 13, 2018

Sydney-based John Oakes, a former partner at Clayton Utz, DibbsBarker and MinterEllison, also operates a consultancy giving lawyers career advice.

News

Dentons Expands in South America With Chilean Tie-Up

Joseph Evans | August 13, 2018

The combination with Larrain Rencoret Urzua will help the global legal giant expand its Latin American footprint.

News

On Heels of EY Acquisition, Riverview Law Extends Kim Technologies Partnership

Rhys Dipshan | August 13, 2018

The new contract allows Riverview to leverage Kim’s AI technology in its offerings well into the next decade, but enables Kim to partner with other legal managed services providers as well.

News

MoFo Guides Japanese Cigarette Maker in $1.5B Bangladesh Deal

John Kang | August 13, 2018

The deal would be Japan Tobacco's third acquisition of a big tobacco company in Southeast Asia since last year, and the largest-ever M&A transaction involving a Bangladeshi company.

News

Trump to Sign CFIUS Reform Bill: What Dealmakers Need to Know

MP McQueen | August 10, 2018

U.S. companies dealing with foreign investors will soon have a whole new reality to contend with when Trump signs it into law Monday.

News

Paul Hastings Adds Capital Markets Duo in Hong Kong

John Kang | August 10, 2018

Samuel Ng joins from Morrison & Foerster and Jason Kuo arrives from Troutman Sanders.

News

Asia Deal Digest: August 9, 2018

John Kang | August 09, 2018

• Freshfields, Clifford Chance act on Sinochem Energy's $2 billion initial public offering. • Skadden, Davis Polk on Hong Kong's first dual-primary listing. • Sidley Austin, Paul Hastings on the first pre-revenue biotech company to float in Hong Kong.

News

GCs Are Flirting With the Big Four— But They Remain Wary

Phillip Bantz | August 09, 2018

As giant accounting firms make new forays into the legal industry, in-house attorneys are giving more thought to offering the EYs and PwCs of the world their business.

News

Telegram Wins Injunction Barring Crypto Startup From Naming Its Currency 'Gram'

Ross Todd | August 09, 2018

A federal judge in San Francisco found that Telegram Messaging Inc. had established priority rights to the mark 'Gram' since collecting $1.5 billion from purchasers of its Gram-branded cryptocurrency set to launch in the fourth quarter.

News

Latham, Clifford Chance Advise on $1.3B Hong Kong Telecom Deal

John Kang | August 09, 2018

HKBN, Hong Kong's second-largest residential broadband internet provider, has offered to buy enterprise clients-focused peer WTT in one of the biggest telecommunications mergers in the city.

News

Ex-Morgan Stanley Lawyer Alleges Retaliation After Raising Corruption Concerns

C. Ryan Barber | August 09, 2018

U.S. labor judge confronts "unsettled" litigation-funding issue in whistleblower Christopher Garvey's case against the investment bank. Morgan Stanley contends Garvey, who was based in Hong Kong, voluntarily resigned.

News

CMS Affiliate Adds 7-Lawyer Insurance Team in Hong Kong

John Kang | August 09, 2018

Disputes lawyers Andrew Horton and Steven Wise have joined Shirley Lau & Co, which entered into an association with CMS in May.

News

Cyril Amarchand Hires Delhi Corporate Partners From Shardul Amarchand

John Kang | August 09, 2018

Corporate partner Akila Agrawal switches to Cyril Amarchand as head of M&A while former principal associate Mukul Sharma is now a partner at the Mumbai-based firm.

News

Global Cartel Misconduct Reaches Into Bank Rates, Oranges, Even Condoms

Sue Reisinger | August 08, 2018

In the first half of the year, many of the crackdowns happened in Europe, but other jurisdictions such as Australia, Singapore and Egypt saw heightened enforcement as well.

Analysis

A Big Four-Branded New Law Competitor Could Be a ‘Safe Disruptor’

Roy Strom | August 08, 2018

Ernst & Young is the first of the Big Four to acquire a managed services firm. What happens next?

News

King & Wood Mallesons Expands in New York, Tokyo

John Kang | August 08, 2018

The global legal giant has recruited a tax expert from Cahill Gordon & Reindel and a corporate lawyer from a Japanese firm where he was a name partner.

Analysis

Marketers Are Struggling With GDPR Compliance. Is Legal at Risk?

Rhys Dipshan | August 08, 2018

Legal marketers have some advantages on their side when it comes to preparing for the GDPR, but still won’t likely have an easy time navigating certain parts of the new EU law.

News

Jones Day Takes Simmons Former Tokyo Head as the UK Firm Suspends Japan Joint Venture

John Kang | August 08, 2018

The departure of infrastructure and energy lawyer Richard Kramer has led to a temporary suspension of a joint venture between Simmons & Simmons and Japanese firm TMI Associates.

News

Three Large Law Firms Score on Big Soccer Team Sale

Joseph Evans | Brian Baxter | August 07, 2018

Arsenal FC, one of the top teams in the Premier League, is now valued at $2.3 billion following a deal this week involving a U.S. billionaire and a Russian oligarch. The deal is the latest in the pro soccer space this year to yield roles for Big Law.

News

Companies' Calls Growing More Urgent on How to Navigate Latest Trade Sanctions

Sue Reisinger | August 07, 2018

This week, the first phase of Iran sanctions from the Trump administration went into effect, and companies are certainly phoning their lawyers to figure out how to navigate it all.

News

After Accounting Firm Raid, Dentons' Singapore Affiliate Restocks

John Kang | August 07, 2018

Dentons Rodyk & Davidson is rebuilding its corporate practice in the city-state after a team moved to EY's local law practice.

News

White & Case Adds Bryan Cave, Cadwalader Partners

Rose Walker| August 07, 2018

David Robertson and Steven Baker have joined the growing global legal giant in London.

News

DLA Piper Sells Share of ALSP to Big Four's Ernst & Young

Hannah Roberts| August 07, 2018

The move marks the latest foray by a Big Four accounting firm into legal services.

News

Former Baker McKenzie Global Arbitration Chairman Joins Chambers in Singapore

John Kang | August 07, 2018

Chan Leng Sun joins Essex Court Chambers Duxton, which was set up last year and houses a handful of top lawyers, including former Singapore Attorney General V.K. Rajah.

Baker McKenzie Sees Big Jumps in Global Revenue, Profit

Rose Walker| August 07, 2018

The global firm saw a double-digit rise in profits while gross revenue neared the $3 billion mark.

News

Ex-Mayer Brown JSM Senior Partner Leaves Firm After Nearly Four Decades

John Kang | August 06, 2018

In 2007, Elaine Lo led the negotiations for Hong Kong's Johnson Stokes & Master in its eventual combination with Chicago-based Mayer Brown.

News

Freshfields, Clifford Chance Advise on Sinochem Energy's $2B Hong Kong IPO

John Kang | August 03, 2018

State-owned Sinochem Group seeks to list its oil and petroleum unit ahead of a planned merger with rival ChemChina.

Analysis

Law Firms Uneasy as the Big Four Make Their Big Push in Asia

John Kang | Anna Zhang | August 03, 2018

The giant accounting firms are rapidly expanding their legal services offerings in key areas of the world's largest continent. Will they wrest valuable work from global law firms?

Electric Carmaker Faraday Future Hires Banking, Regulatory Expert as Top Lawyer

Phillip Bantz| August 02, 2018

Henry (Hong) Liu, a former partner at Mayer Brown who served as general counsel of the China Securities Regulatory Commission, will hold several global roles at Faraday Future, bringing years of experience in Asian markets.

News

Fangda Launches Investor-State Arbitration Practice in Hong Kong With CMS Hire

John Kang | August 02, 2018

Former CMS counsel Olga Boltenko joins the Chinese firm's Hong Kong office to launch an investor-state arbitration practice as China's Belt and Road Initiative gears up.

News

Pinsent Masons Continues Growth in Australia, Adding Finance Partner in Melbourne

John Kang | August 02, 2018

Jeremy King joins Pinsent Masons as the London-based firm continues to expand its Australia offering.

News

One CLO Tested His Employees’ GDPR Knowledge. He Was ‘Shocked’ at What He Found

Phillip Bantz | August 02, 2018

Software company CLO John Boswell of SAS Institute Inc. recently told Corporate Counsel about the valuable lessons he's learned since the GDPR became reality.

News

Pillsbury Winthrop Expands Asian Presence With Taipei Office

Anna Zhang | August 01, 2018

Intellectual property partners David Tsai and Christopher Kao will split time between San Francisco and Taiwan, where they have represented clients for a decade.

News

A Trans-Atlantic Acquisition Shows Divide in US, UK Legal Tech Adoption

Roy Strom | August 01, 2018

HighQ is hoping to match the success it has had across the pond by acquiring stateside competitor Legal Anywhere.

KWM Ratchets Up London Presence With New Leadership, Partner Relocations and Office Move

Krishnan Nair | August 01, 2018

Darren Roiser was named as London chief as the firm adds three partners to its new Walkie-Talkie base.

News

Cooley Expands Beijing Office With Corporate Partner From Kirkland & Ellis

Anna Zhang | August 01, 2018

M&A specialist Henry Yin relocates from Hong Kong to be the second partner in the 7-month-old office.

News

Withers Launches Tech Venture With Acquisition of 6-Partner Firm

Joseph Evans | August 01, 2018

A tie-up with JAG Shaw Baker will see the launch of a new legal offering dubbed Withers Tech.

News

O’Melveny Management Jets Into London as Allen & Overy Merger Talks Continue

Rose Walker | July 31, 2018

O'Melveny chairman Bradley Butwin met in London with Allen & Overy leaders last week.

News

PwC Boosts Legal Revenues Near $92M as Accounting Giant Continues Push Into Law

Hannah Roberts | July 31, 2018

The Big Four firm's push into law continues on the back of the integration of the legal team into the wider firm.

News

Perkins Coie’s China, Funds Leader Returns to Wilson Sonsini

Xiumei Dong | July 31, 2018

James Jensen has returned to the firm he left back in 2005.

News

International Monetary Fund Names Rhoda Weeks-Brown as Next General Counsel

Sue Reisinger | July 31, 2018

IMF leader Christine Lagarde said Weeks-Brown brings "comprehensive perspective on the fund’s role" as well as a sharp legal mind to her new position.

News

Need Legal Advice in China? Ask a Robot

John Kang | Anna Zhang | July 31, 2018

In the remote Chinese province of Qinghai, robots are helping provide legal services to people who live in areas with few human lawyers.

News

Singapore’s Drew & Napier Nabs Disputes Partner From WongPartnership

John Kang | July 31, 2018

Disputes lawyer Jared Chen rejoins Drew & Napier, where he first practiced out of law school.

News

AstraZeneca Discloses Probe by DOJ Over Alleged Bribes to Terrorists in Iraq

Sue Reisinger | July 30, 2018

The British drug company said in an SEC filing that the investigation is tied to allegations made against the company in a private lawsuit filed last year by U.S. veterans and their survivors.

News

Kobre & Kim Launches $30M Israeli Litigation Finance Fund With Bentham

Dan Packel | July 30, 2018

The litigation boutique says its partnership with Bentham to help early-stage companies fight cross-border disputes is the first of its kind.

News

UK-Listed Gordon Dadds Opens First Overseas Office in Hong Kong as Firm Continues Post-Listing Growth

John Kang | July 30, 2018

Partner Alan Ma, a real estate lawyer, will lead the office and managing partner Adrian Biles will also spend time in Hong Kong.

News

Betting on Canada Growth, Dentons Gobbles Toronto Boutique

Meghan Tribe | July 27, 2018

Dentons says adding a quintet from real estate boutique McLean & Kerr is just part of its plan to beef up north of the border.

News

Australia's Thomson Geer Poaches Corporate Partner From HWL Ebsworth

John Kang | July 27, 2018

Matthew Reynolds joins the firm's Brisbane, Australia, office after 13 years at HWL Ebsworth Lawyers.

News

Law Firms Will Suffer Brexit Pain Unless Government Acts Now, London Leader Warns

Krishnan Nair | July 27, 2018

The City of London policy chair warns law firms over the expected 12,000 Brexit-related job losses.

News

Finalists Announced for the 2018 China Law & Practice Awards

China Law & Practice| July 26, 2018

King & Wood Mallesons, Fangda Partners, Skadden and Freshfields are among the contestants for the awards that will be announced on Sept. 13 at The St. Regis Beijing.

News

Deloitte Joins Big 4 Legal Race in Singapore With Foreign Law Firm Launch

John Kang | July 26, 2018

The move comes as EY and PwC both have announced the launch of new law practices in the city-state in the past two weeks

News

Linklaters, Clyde & Co Become First International Firm Members of Singapore's Legal Innovation Program

Anna Zhang | July 26, 2018

The two firms join Rajah & Tann and Dentons Rodyk & Davidson in programs designed to help build innovation capacity and improve services delivery.

Analysis

Just How Much Will the EU Impact US Tech, Privacy?

Rhys Dipshan | July 26, 2018

The recent $5 billion antitrust fine levied against Google is far from the only way the European Union is influencing how U.S. tech companies, and U.S. privacy laws, evolve.

News

PetroEcuador In-House Lawyer Sentenced to 4 Years in Prison for Money Laundering

Sue Reisinger | July 25, 2018

A Florida judge had adjusted the sentence, going easier on Marcelo Reyes Lopez, after he argued that though he was a beneficiary of the money laundering scheme, he didn't organize it or participate in it.

News

Burford Shares Hit Record High as Half-Year Results Show Growth

Roy Strom | July 25, 2018

Burford Capital Ltd.'s litigation finance business continues to grow, and that is making investors a lot of money.

News

Asia Deal Digest: July 26, 2018

John Kang | July 25, 2018

• Skadden, Kirkland act on Chinese group discounter Pinduoduo's $1.6 billion Nasdaq listing. • Cleary on South Korean oil refiner SK Innovation's $500 million note offering. • Jones Day and Milbank on the Philippines' first IPO of the year.

News

CaseLines Hopes Blockchain Can Quell UK Courts' Anxiety With Cloud Evidence

Rhys Dipshan | July 25, 2018

In a move to make courts more comfortable with using cloud-based evidence management tools, CaseLines has a filed a patent to use blockchain as a digital evidence verification feature.

News

UK Parliamentary Report Calls for 'Serious Sanctions' for NDA Misuse and Sexual Harassment by Lawyers

Rose Walker| July 25, 2018

The report says NDAs have been used "to threaten, bully and silence victims of sexual harassment," and this "unethical treatment" has, in some cases, been facilitated by members of the legal profession.

Q&A

How Hewlett Packard Enterprise Anti-Corruption Leader Becky Rohr Keeps Global Company Compliant

Caroline Spiezio | July 25, 2018

Rohr, formerly a high-level attorney at the U.S. Department of Justice, is tasked with ensuring that the tech company respects the letter of the law in the 70 countries where it operates.

News

Hogan Lovells to Close Rio Office, Consolidate Brazil Practice in Sao Paulo

Hannah Roberts| July 25, 2018

The Rio closure comes after the firm pulled out of Venezuela earlier this year.

News

Cooley, Canadian Law Firms Advise on Big Cannabis IPO

Miriam Rozen | July 24, 2018

"It was a no brainer," said a private equity firm general counsel, a former DEA agent, about his decision to hire Cooley for the first major listing of a legal cannabis company on a U.S. stock exchange.

News

Simpson Thacher Advises on KKR's $1.56B Acquisition of Taiwanese Plastics Maker

John Kang | July 24, 2018

The deal will be the largest private equity investment in Taiwan once shareholders and regulators approve.

News

Ashurst Adds Australia Restructuring Partner in Perth

John Kang | July 24, 2018

Jason Salman joins from Australia's Corrs Chambers Westgarth. Previously, he was a London partner with Greenberg Traurig and Kirkland & Ellis.

News

Big Four's EY to Launch New Singapore Law Practice With Dentons Rodyk Team

John Kang | July 24, 2018

Former Dentons Rodyk & Davidson partner Evelyn Ang is set to join as EY follows PwC in forming new Singapore associations with ex-partners of prominent local firms.

News

Reed Smith Takes Pinsents Middle East Chief in Triple Partner Hire

Rose Walker| July 24, 2018

The U.S. firm rebuilds its Middle East practice with a trio of hires following exits to Eversheds Sutherland.

News

As Costs Add Up, Is Deutsche Bank's Litigation Trouble Finally Nearing an End?

Sue Reisinger | July 23, 2018

The trouble keeps on coming for Deutsche Bank, but there may be soon be a light at the end of the tunnel.

Slideshow

7 Times Europe Has Made US Tech Companies Pay Up Over Legal Issues

Caroline Spiezio | July 23, 2018

The European Commission's fine against Google last week is just one of many big-ticket penalties levied by the EU against U.S. companies in recent years.

News

China’s AnJie Expands Insurance Practice With Partner Trio

John Kang | July 23, 2018

The Chinese firm is known for its antitrust and insurance-related work but also has been expanding its corporate and capital markets practice in recent years. Last month, it launched in Hong Kong.

Analysis

South Korean Firms Make a Push in Vietnam as Most Global Firms Look On

John Kang | July 20, 2018

As thousands of South Korean companies entered the fast-growing Vietnamese market, their law firms followed, giving rise to increased competition in the nation's legal market.

Dechert Continues to Expand Global Litigation Practice with Hire of 18 Products Liability Lawyers From Quinn Emanuel

Dan Packel| July 20, 2018

With the addition of the group, including "Queen of Toxic Torts" Sheila Birnbaum and two other partners who made the move in May, Dechert has increased the size of its global litigation practice by 7 percent.

Analysis

Massive $5B Fine Against Google Highlights Long-Term Shift in EU, US Antitrust Enforcement

Caroline Spiezio | July 20, 2018

Why hasn't the U.S. cracked down on Google for antitrust violations in the way Europe has? It might have a lot to do with the regions' individual legal regimes around antitrust.

News

Skadden, Kirkland Advise on Tencent-Backed Chinese Group Discounter’s $1.6B US IPO

John Kang | July 20, 2018

King & Wood Mallesons and Jingtian & Gongcheng are acting as Chinese counsel on the proposed listing, which values the three-year-old startup at some $21 billion.

News

Japan's Mori Hamada & Matsumoto to Launch in Vietnam

John Kang | July 20, 2018

Mori Hamada is the last of the Big Four Japanese law firms to enter the Southeast Asian country. It will open an office in its largest city, Ho Chi Minh City, in August.

News

Dechert Targets Middle East Real Estate With Dubai Hires

Dan Packel | July 19, 2018

The firm added two attorneys from King & Spalding, saying the "spigot" of oil wealth in the Gulf shows no signs of being turned off.

Investigation

Magistrate Judge Orders Accused Russian Agent Held Pending Trial

C. Ryan Barber | Ellis Kim | July 18, 2018

A federal magistrate judge in Washington ordered Maria Butina detained pending trial on charges she served as a covert agent for Moscow while living in the United States.

Analysis

Will the Rise of Artificial Intelligence Lead to More Job Cuts at Law Firms?

Krishnan Nair | July 18, 2018

A PwC report argues that AI could create more jobs than it displaces over the next 20 years.

News

Brexit Planning in a Time of Uncertainty: How In-House Counsel Can Prep (as Much as Possible)

Caroline Spiezio | July 17, 2018

When it comes to Brexit, most everything feels up in the air. But that doesn't mean companies shouldn't be taking concrete steps now.

News

5 Tips for Legal Departments After Russian Hacker Indictment Around US Elections

Dan Clark | July 17, 2018

This week's indictment is a reminder that cyber dangers are still very real and provide some teachable moments for in-house counsel.

News

UAE Tops List of 84 Most Complex Countries for Compliance; Ireland Is Simplest

Sue Reisinger | July 17, 2018

Qatar, China, Argentina and Malaysia rounded out the list of the top five most challenging countries for compliance professionals and attorneys.

News

Trade Wars Prompt Chinese Investors to Pour Billions into Europe, Pull Back From US

John Kang | July 17, 2018

In the first half of 2018, the value of Chinese investment in Europe was $22 billion—nearly nine times the $2.5 billion invested in North America.

News

Ama Walton Climbs the Charts at BMG Music to Top Legal Spot

Dan Clark | July 16, 2018

The German in-house attorney and music industry vet will also add the title of chief human resources officer to her growing resume.

News

US Commerce Lifts Export Ban on China Telecom ZTE

Sue Reisinger | July 13, 2018

The Chinese telecom has now met the terms of its June agreement with the Commerce Department, which included paying a penalty of $1 billion.

News

PwC Launches New Local Law Practice in Singapore, Hiring Prominent Partner from a Top Singapore Firm

John Kang | July 13, 2018

Rachel Eng will leave WongPartnership after 23 years and launch a new local firm for the accounting giant. She had been the firm's deputy chair since 2016.

News

Clifford Chance Looks to Break Out to Break Through With 2 New 'Innovation Units'

Gabrielle Orum Hernández | July 13, 2018

The firm is launching two new innovation projects, Clifford Chance Create and Clifford Chance Applied Solutions, to help the firm design and scale technology for clients.

News

UnitedLex Targets UK Law Firm Tie-up on Back of Major US Deals

Ben Wheway| July 13, 2018

The legal services provider is now setting its sights on the U.K. market.

Analysis

Hogan Lovells’ New Asia Pacific and Middle East Head Has Big Plans in an Interconnected World

John Kang | July 12, 2018

Miguel Zaldivar is the first American partner to oversee the region for the firm. He wants to improve the interconnection between the firm's practices in the Asia Pacific/Middle East and its practices in the U.S. and Europe.

News

FCPA Midyear Reports: Slow and Steady Pace Marked By Key Developments

Sue Reisinger | July 12, 2018

New reports from Shearman & Sterling and Gibson, Dunn & Crutcher review the anti-bribery landscape over the first half of 2018.

How a Blogger Spurred a #MeToo Reckoning for New Zealand's Top Law Firms

Meghan Tribe | July 12, 2018

After allegations of sexual misconduct rocked the country's legal industry, Zoe Lawton made it her mission to collect as many victims' accounts as she could.

News

In GDPR Compliance, US Companies Lag Behind United Kingdom, EU

Dan Clark | July 12, 2018

A survey by TrustArc and Dimensional Research indicates that U.S. companies have their work cut out for them to catch up with companies in other countries.

News

Former Sidley Partner Joins Greenberg Traurig as Asia Real Estate Chair

John Kang | July 12, 2018

Real estate lawyer Joel Rothstein will first be based in New York, then later spend time in the firm’s Asian offices in Tokyo, Shanghai and Seoul.

News

Squire Patton Boggs Launches Public Policy Practice in China

Anna Zhang | July 12, 2018

Former Nielsen Greater China president Yan Xuan joins to lead the practice as political and economic volatility grows in Sino-U.S. relations.

News

Q&A: A Brexit Update for US Lawyers

Dan Packel | July 12, 2018

Dechert's Miriam Gonzalez offers an insider look at the latest uncertainties over Brexit and what it means for lawyers in the U.S.

News

2nd Circuit Ruling on Cross-Border Document Production Welcome Development for In-House Lawyers

Dan Clark | July 11, 2018

A panel of the Second Circuit found on Tuesday that a lower court erred in demanding Cravath turn over a client's confidential documents as part of foreign litigation.

News

ACC Study Says Outside the US, Gender Pay Gap for Women In-House Lawyers Widens

Sue Reisinger | July 11, 2018

The pay gap is especially severe for in-house lawyers in Latin America and the Middle East/Africa region.

News

Asia Deal Digest: July 12, 2018

Anna Zhang | John Kang | July 11, 2018

• Skadden advises mobile chat app Momo's $650 million convertible notes offer. • Paul Hastings acting on Korean logistics investment in Illinois. • Allen & Gledhill guides Singapore's first retail private equity bond.

News

Jingtian to End Mayer Brown Association, Launch Own Hong Kong Law Practice

John Kang | July 11, 2018

The Chinese firm decided to launch its own local law practice in Hong Kong to “further strengthen its competitive advantage in overseas capital markets.”

News

Chinese Firm Expands US Presence as Trade War Heats Up

Anna Zhang | July 11, 2018

Three years after launching in Washington, D.C., Beijing DHH Law Firm has opened a Seattle office, aiming to support the local Chinese business community as trade tensions worsen.