US businesses shift away from China under Trump tariffs

A new analysis found that payments made by U.S.-based midsize businesses to firms in China dropped significantly last year as tariffs on Chinese imports rose under the Trump administration.

The JPMorgan Chase Institute released a report Thursday that found payments made by midsize firms to China declined significantly, falling by about 20% from 2024 to 2025 even as overall international payments remained steady.

"This is perhaps not surprising, as China has been the hardest hit by tariffs among major U.S. trade partners ...