“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.