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Nearly two-thirds of the 254 companies who responded said the
new tariffs have reduced expected revenues for their China
operations in 2025. About one-third, many in banking and other
industries that don't import from or export to the U.S., don't
expect any impact.
Trump has imposed an additional 30% tax on imports from China,
after raising them at one point to 145% before the two countries
agreed in May to scale back a tit-for-tat tariff war. China has
responded with a 10% tax on U.S. imports.
The tariffs hit companies that export to the U.S. and those that
import American parts or ingredients for their production in
China, such as chemical companies, Shanghai chamber leaders
said.
“Tariffs have had a huge impact on our operations,” said Eric
Zheng, the president of the group.
The two sides are holding trade talks, but where they are headed
on tariffs and other issues is unclear. The uncertainty is a
challenge for companies that need to make plans for the future,
Zheng said.
American courts have ruled that most of Trump’s tariffs are an
illegal use of a U.S. emergency powers law, but the import taxes
remain in place as his administration appeals the case to the
Supreme Court.
The Shanghai chamber survey, conducted from May 19 to June 20,
found that manufacturers are being hit the hardest by the
tariffs, with close to three-quarters saying the import taxes
would reduce their 2025 China revenues.
Respondents named U.S.-China tensions as their top challenge for
the next three to five years. Zheng called improving the
bilateral relationship “our No. 1 ask.”
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