European companies are feeling the effects of the U.S.-China trade and tech war even as the EU readies measures to reduce its dependence on China, according to a new Bertelsmann Stiftung survey seen exclusively by POLITICO ahead of its publication Monday. The European Business Survey of 228 companies operating in Europe exposed a striking gap: Businesses know geopolitical shocks can hit quickly, but relatively few are preparing for the next one. Russia’s war in Ukraine has affected, or is expected to affect, 81% of respondents in the November 2025 to January 2026 survey. Yet only 10% had taken concrete steps to prepare for a similar contingency in Taiwan, while 59% had neither prepared nor planned to do so.
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