This statistic shows the results of a survey conducted among American companies in China on the perceived impact on their businesses of the U.S.-China trade tariffs as of September 2018. During the survey period, 47.1 percent of the surveyed American companies in China responded that the combined U.S.-China trade tariffs increased their cost of manufacturing.

This statistic shows the results of a survey conducted among American companies in China on the perceived impact on their businesses of the U.S.-China trade tariffs as of September 2018. During the survey period, 64.6 percent of the surveyed American companies in China said that they had no plans to relocate their manufacturing facilities due to the U.S.-China trade tariffs and trade relations, however, 18.5 percent of the companies reported to have relocated or considering relocating their manufacturing facilities to Southeast Asia.

Tariffs have long been central tool in global trade policy. Learn how tariffs affect critical US industries, and how businesses are navigating their impacts.

This statistic shows the results of a survey conducted among American companies in China on the perceived impact on their businesses of the U.S.-China trade tariffs as of September 2018. During the survey period, 82.1 percent of the surveyed American companies in China whose businesses were related to healthcare products said that the combined U.S.-China trade tariffs reduced their profits.

In 2023, Chinese exports of trade goods to the United States amounted to about 427.23 billion U.S. dollars; a significant increase from 1985 levels, when imports from China amounted to about 3.86 billion U.S. dollars. U.S. exports to China Compared to U.S. imports from China, the value of U.S. exports to China in 2020 amounted to 427.23billion U.S. dollars. China is the United States’ largest trading partner, while China was the United States third largest goods export market. Some of the leading exports to China in the agricultural sector included soybeans, cotton, and pork products. Texas was the leading state that exported to China in 2020 based on total value of goods exports, at 16.9 billion U.S. dollars. U.S. - China trade war The trade war between the United States and China is an economic conflict between two of the world’s largest national economies. It started in 2018 when U.S. President Donald Trump started putting tariffs and trade barriers on China, with the intent to get China to conform to Trump’s wishes. President Trump claimed that China has unfair trade businesses. As a result of this trade war, it has caused a lot of tension between the U.S. and China. Nearly half of American companies impacted by the U.S.-China trade tariffs said that the trade war increased their cost of manufacturing. The healthcare product industry has suffered the most from the trade war in regards to reduced profits.

The industry has seen a slight decline in revenue over the past five years. Tariffs from the second Trump administration, including 25% on steel and aluminum imports and 20% on Chinese imports, have significantly influenced costs. These tariffs increased raw material prices, causing downstream markets such as automotive and aerospace to reassess budgets and cut costs. Despite these challenges, profit increased because of decreased labor fees and improvements in automation. Companies have adopted advanced manufacturing technologies to enhance efficiency and productivity. The domestic market's reliance on imported materials means these tariffs directly impact production costs. Retaliatory tariffs from countries like China and the EU have affected export opportunities. To mitigate these impacts, companies optimized production processes and focused on technology integration. The past five years saw the industry adapt to economic pressures, navigating trade tensions and market demands. Decreased labor costs through automation supported profit growth despite declining revenue. Stringent tariffs on steel, aluminum and Chinese imports have increased input costs and mitigated profit growth. Downstream markets, particularly automotive and aerospace, faced reduced demand, directly affecting machinery orders. The industry responded by investing significantly in research and development to produce more efficient and eco-friendly machinery. Competitive pressures from international markets led to price adjustments and product differentiation. Regulatory changes in environmental standards required additional cost management to meet compliance. Efforts to optimize supply chains and focus on domestic market opportunities offered some respite. Companies leveraged digital technologies to improve manufacturing efficiency and reduce dependency on imports. These efforts positioned the industry to better handle external economic pressures. Metalworking Machinery Manufacturing industry revenue has inched downward at a CAGR of 0.8% over the past five years and is expected to total $33.8 billion in 2025, when revenue will fall by an estimated 0.2%. Over the next five years, a rebound in the automotive sector and increased construction demand will drive machinery sales. Continued environmental regulations are creating opportunities for manufacturers focused on sustainability. AI-driven and smart manufacturing technologies will enhance operational efficiencies and reduce costs. Evolving trade agreements might provide new export opportunities, reducing current trade barriers. Companies will continue to invest in customized, client-specific machinery to meet diverse market needs. Despite current tariffs, future reductions in trade tensions may open new markets, boosting exports. Focusing on smart technology and automation will stabilize profit, ensuring resilience against economic fluctuations. The industry’s commitment to innovation and efficiency will define its growth and competitive positioning in the coming years. Metalworking Machinery Manufacturing industry revenue is expected to expand at a CAGR of 1.3% to $36.0 billion over the five years to 2030.

Most solar installations in the United States require the use of imported panels, largely imported from Southeast Asia. Over 34 percent of solar photovoltaic (PV) modules imported into the U.S. between January and November 2023 came from Vietnam. Solar import tariffs In 2012, the Obama administration implemented duties on solar equipment imported from China to counteract the competitive edge held by foreign companies. These levies were then expanded in 2015, leading to the gradual phase-out of Chinese solar imports. Since then, the U.S. solar market has heavily relied on equipment assembled in SE Asia. However, in April 2022, the U.S. Commerce Department launched an import-tariff-circumvention investigation, under the suspicion PV modules imported from these countries contained components made in China. In August 2023, the Commerce Department published its final conclusion, stating that a number of the investigated companies were violating U.S. laws. Accordingly, new steep duties are scheduled to be implemented on such companies in June 2024. How is the solar market now? The price of solar PV modules in the United States has seen an overall decline since 2015, despite some fluctuations. During the same period, the number of solar energy-related jobs in the North American country has been on a mostly upward trend, reaching a record high of nearly 264,000 jobs in 2022. Altogether, the U.S. solar energy industry continues to prosper in spite of the import tariffs placed on this renewable energy source.