Many US companies operating in China expect their sales to take a hit this year from US President Donald Trump's tariffs and the ones that China has imposed in response, according to an annual survey released Wednesday by the American Chamber of Commerce in Shanghai.

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 US, don't expect any impact.