American firms in China report record-low new investment plans for 2025, and doubts about their profitability

American companies in China are reporting record-low new investment plans for this year and declining confidence in their profitability, with uncertainty in U.S.-China relations and President Donald Trump’s tariffs their top concerns, according to a survey released Wednesday.

The companies are also challenged by China’s slowing economy, where weak domestic demand and overcapacity in local industries are eroding profitability for the Americans.

“Businesses in China are less profitable now than they were years ago...