A new survey suggests American makers of cars and trucks had better be ready to duck.
U.S. automakers in China are feeling the most pain as some American companies are getting hurt by new tariffs from both the White House and Beijing, according to the poll released this week by the American Chamber of Commerce in Shanghai and Beijing-based American Chamber of Commerce in China.
The automobile industry is in the crosshairs of rising trade tensions between the two countries. In July, China raised the tariff on imports of U.S. autos to 40% just days after broadly cutting duties on foreign-made vehicles and parts to 15% from 25%.
These developments came as both countries implemented tariffs this summer on $50 billion worth of goods from the other. Vehicles and components appeared on both lists. U.S. President Donald Trump's administration has also proposed duties on an additional $200 billion worth of Chinese goods, while Beijing is planning counter tariffs on $60 billion worth of U.S. goods.
The initial round of U.S. tariffs has affected 80.5% of survey respondents in the automotive industry, and 75% say the Chinese duties have hit them. That makes the industry the only one to appear in the ranks of the three or four most impacted by tariffs from both sides.
Overall, the survey found more than 60% of respondents are affected by the U.S. and Chinese tariffs, and significantly more expect negative impact from the proposed second round of duties.
