Firms in China Feel Record Tariff Pain but Stay Put, AmCham Survey Finds
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The negative impact of U.S. tariffs on companies operating in China has reached its highest level since 2018, yet firms remain committed to investing in the country, according to a report released Tuesday by the American Chamber of Commerce in South China.
Some 69% of surveyed companies said U.S. tariff policy had a negative impact on their business in 2025, a 15-percentage-point increase from the previous year. Despite escalating trade friction, 45% of respondents named China their top global investment destination, up 6 percentage points.
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- 69% of companies in China report negative impacts from U.S. tariffs in 2025, yet 75% plan to reinvest, totaling $13.8 billion over 3–5 years.
- Despite trade tensions, 45% of respondents still see China as their top global investment destination, and none plan a full market exit.
- U.S. companies are most affected by tariffs (78%), China’s exports to the U.S. fell 20%, and business optimism about U.S.-China ties rose to 39%.
- 2017：
- The U.S. launched a Section 301 investigation, leading to widespread tariffs.
- 2018：
- The negative impact of U.S. tariffs on companies operating in China reached its highest level since this year (2018).
- 2024：
- Washington tightened its trade policy, targeting Chinese electric vehicles, lithium batteries, and semiconductors.
- 2025：
- Washington further tightened its trade policy, continuing to target Chinese electric vehicles, lithium batteries, and semiconductors.
- 2025：
- 69% of surveyed companies said U.S. tariff policy had a negative impact on their business, a 15-percentage-point increase from 2024.
- 2025：
- China’s exports to the U.S. fell 20% year-on-year to $420.1 billion; imports dropped 14.6% to $139.7 billion.
- October 14, 2025 - December 30, 2025：
- The American Chamber of Commerce in South China conducted a survey, collecting 426 valid responses from companies.
- By 2026：
- 75% of surveyed companies plan to reinvest in their China operations.
- February 2026：
- A White House official confirmed that U.S. President Donald Trump plans to visit China.
- March 2, 2026：
- Chinese Foreign Ministry spokesperson Mao Ning said that the two sides remain in communication regarding interactions between the heads of state.
- March 10, 2026：
- The American Chamber of Commerce in South China released a report on the impact of U.S. tariffs on companies in China.
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