Moreover, the blow to U.S. companies has already been “clear and far reaching,” according to a joint survey by the American Chamber of Commerce in China (AmCham Beijing) and AmCham Shanghai, with over 60% of companies surveyed saying the tariffs have harmed their operations. The report quotes AmCham Shanghai Chairman Eric Zheng as saying:

If almost a half of American companies anticipate a strong negative impact from the next round of U.S. tariffs, then the U.S. administration will be hurting the very companies it should be helping. We support President Trump’s efforts to reset U.S.-China trade relations, address long-standing inequities and level the playing field. But we can do so through means other than blanket tariffs.”