Caixin reports that over 60% of US companies operating in China have felt a negative impact from the fallout of the ongoing trade war between the two countries, according to a survey conducted by the American Chamber of Commerce in China.
The businesses expect this only to intensify if the Trump administration was to go ahead with his plans of slapping 10-25% tariffs on a further $200 billion of Chinese exports.
As it stands, with just $50 billion of goods from both countries levied, 21.5% of the 430 companies involved in the study said they felt a “strong negative impact” from the tariffs. This figure more than doubles to 47.2% if the new package is signed in.
Of the companies surveyed, US machinery, electronics, and automotive were the industries that reported the sharpest effect of the trade war. As a result of the retaliatory Chinese tariffs, US agriculture and healthcare were among those who feel the worst off.
A parallel study released on the same day by the EU Chamber of Commerce in China pointed in a similar direction. Just over half of 193 businesses interviewed hold a negative position on the US-China disputes.