Page 59 - AmCham South China 2026 Special Report on the State of Business in South China
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he adverse effects of US tariffs have 025年，美国关税政策对企业造成的负面影
Tintensified markedly in 2025, affecting a 2响显著扩大，受冲击企业比例已升至2018年
record proportion of companies since tracking 有记录以来的最高水平。数据显示，有69%的受访企
began in 2018. Data indicates that 69% of the 业表示受到美国关税的负面冲击，该比例较2024年
participating companies reported experiencing 大幅上升15个百分点。这一持续上升的态势表明，关
negative impacts?a significant 15pp increase 税带来的干扰效应正在企业层面进一步扩散和加深。
from 2024. This upward trend underscores the
expanding and deepening reach of tariff-related
disruptions across the corporate landscape. 按企业来源国分析，美资企业受到的冲击最为显
著。在这一群体中，78%的企业表示运营受到负面影
A granular breakdown reveals that American 响，该比例较2024年上升11个百分点，这表明美资企
companies have been the most acutely affected. 业在全球供应链与出口市场中正面临明显阻力。中资
Among this group, 78% acknowledged detrimental 企业（66%）及其他国家企业（64%）也表示受到显著
consequences, an 11pp rise year-on-year, 加剧的影响，同比增幅分别达到16个百分点与18个
suggesting that domestic US firms are facing 百分点。尽管美资企业受影响的比例最高（78%），但
substantial headwinds within global supply 中资企业与其他国家企业受影响比例的增幅更大，反
chains and export markets. Chinese companies 映出关税压力正通过国际贸易网络快速传导至更广
(66%) and companies from other countries (64%) 泛的企业群体。
also reported considerably heightened impacts,
with year-on-year increases of 16pp and 18pp,
respectively. Although American companies
reported the highest proportion affected (78%),
the sharper rate of increase for Chinese companies
and companies from other countries highlights
how tariff pressures are radiating broadly through
international trade networks.
Figure 61. Impact of US Tariffs on Business (2024 & 2025) (by
Origins of Companies)
图表61.美国贸易关税对企业的影响（2024&2025）（按照国家来
源划分）
Chinese Companies American Companies Other Companies
中资企业 美资企业 其他国家企业
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