-Source-CNBC-
U.S. automakers in China are feeling the most pain as some American companies are getting hurt by new tariffs from both the White House and Beijing, according to a survey released this week from the American Chamber of Commerce in Shanghai and Beijing-based American Chamber of Commerce in China.
The automobile industry is in the crosshairs of rising trade tensions between the two countries. In July, China raised the tariff on imports of U.S. autos to 40 percent just days after broadly cutting duties on foreign-made vehicles and parts to 15 percent from 25 percent.
The move came as both countries implemented tariffs this summer on $50 billion worth of goods from the other. Vehicles and components appeared on both lists. U.S. President Donald Trump's administration has also proposed duties on an additional $200 billion worth of Chinese goods, while Beijing is planning counter tariffs on $60 billion worth of U.S. goods. Read more
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