This study applies the event-analysis method and takes three Chinese listed textile and apparel companies that are representative of the upstream, midstream, and downstream of the textile value chain as research objects. By tracking the Baidu index trend of the keyword "trade war" to identify the 'time window' for each iconic event, we apply the autoregressive distributed lag approach to examine the impact of important landmark events on the performance of these companies during the period of Sino-US trade friction in 2018. We find that the impact diminished over time.Additionally, compared with upstream companies, midstream and downstream companies were hurt more. However, the risks were generally controllable.

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This paper shows that in order to maintain its position the Swiss government offered Germany concessions on merchandise trade when necessary, but Switzerland was far from being under German control during the Second World War. Germany provided Switzerland with excess imports to exports while paying higher prices for Swiss goods. Although the levels of trade were considerably smaller due to geographic restrictions, Switzerland gave the Allies favourable terms of merchandise trade, in particular after 1943, in exchange for the continued recognition of Swiss independence. This is consistent with, but not necessarily explicit in the current literature. As a result of these findings, this paper concludes, from a merchandise trade perspective, Swiss neutrality was a policy of pragmatic self-preservation.