Survey: Trump's Tariffs Weigh on China Sales for U.S. Firms

Many U.S. companies operating in China expect their sales to fall this year because of tariffs imposed by President Donald Trump and retaliatory measures from Beijing, according to an annual survey released by the American Chamber of Commerce in Shanghai.

Nearly two-thirds of the 254 companies that responded to the survey said the new tariffs have reduced expected revenues for their China operations in 2025, while about one-third — largely firms in banking and other sectors that do not import from or export to the United States — said they did not expect an impact.

The tariffs have affected companies that export goods to the United States and those that import American parts or ingredients for production in China, chamber leaders said. Manufacturers were hit hardest: close to three-quarters of manufacturing respondents said the import taxes would cut their 2025 China revenues.

The survey, conducted from May 19 to June 20, found that political and trade tensions between Washington and Beijing were respondents’ top concern for the next three to five years. "Tariffs have had a huge impact on our operations," said Eric Zheng, president of the American Chamber of Commerce in Shanghai, who urged improvements in the bilateral relationship as the group’s "No. 1 ask."

The measures stem from a series of U.S. import taxes imposed by the Trump administration, including an additional 30% tax on imports from China after earlier increases that peaked at 145% before the two countries agreed in May to scale back some measures. China has imposed a 10% tax on selected U.S. imports in response. The tariff shifts have created costs and uncertainty for companies that rely on cross-border supply chains or export markets.

American courts have ruled that most of the tariffs were an illegal use of emergency powers, but the import taxes remain in place while the administration appeals the rulings to the U.S. Supreme Court. Meanwhile, trade talks between the two sides have continued, but respondents to the chamber survey said the direction of those negotiations is unclear, complicating corporate planning.

Company leaders told the chamber that the import taxes were particularly disruptive for sectors that use U.S. components or sell finished goods to American customers; chemical firms were cited as an example of companies carrying U.S. inputs. Financial firms and other service-sector respondents said they were less exposed because their business models relied less on cross-border goods flows.

The chamber report reflects broader concerns among multinational businesses about the predictability of trade rules and the operational costs of shifting supply chains. Firms cited tariff-related cost increases, the challenges of hedging currency and input-price risks, and the difficulties of long-term capital investment when policy outcomes are uncertain.

The survey’s findings add to mounting evidence that prolonged trade friction can affect corporate strategy and local investment decisions. Companies operating in China have in recent years diversified production and sourcing, but the chamber warned that abrupt tariff changes and retaliatory measures can still disrupt established operations and market access.

As talks proceed, the chamber urged clearer, more stable trade arrangements to help firms make investment and staffing decisions. The survey did not forecast broader economic effects, but the concentration of concern among exporters and manufacturers suggests continued downside pressure on certain trade-dependent operations in the near term.