44% of US companies plan to move out of China

The number of US companies planning to move operations out of China in 2024 has risen to a record 44%, as trade tensions escalate, fueled by US President Donald Trump’s plans to impose higher tariffs.

According to the annual survey conducted by the American Chamber of Commerce in China, 30% of companies responding to the survey had already planned to move manufacturing operations out of Beijing in the past year, or had already begun doing so, double the percentage recorded in 2020.

The survey found that 44% of companies planning to move operations out of China cited US-China trade tensions as a reason for making the move, along with managing risks related to securing supply chains.

In terms of sectors, technology and research and development groups were among the companies most likely to move their operations, as both the Biden and Trump administrations seek to limit access to advanced technology in China.