The trade war is already striking US companies in China

US companies in China say they are already affected by the trade war.

In a survey conducted by two US chambers of commerce in China, nearly two-thirds of US companies that responded said the waves of new tariffs had hurt their business.

The United States and China have so far imposed tariffs of 25% on exports of more than $ 50 billion and others are in preparation. President Donald Trump said last week that new tariffs on the $ 200 billion worth of Chinese goods could come into force "very soon" and warned that an even bigger package of measures was being prepared.

"Customs duties already have a negative impact on US companies and the imposition of $ 200 billion will cause much more suffering," said Thursday Eric Zheng, president of the Chamber of Commerce American in Shanghai. "The US administration will hurt companies that it should help."

The damage caused by the trade war to US companies in China includes lost profits, rising manufacturing costs and declining demand for their products, according to the survey of more than 430 companies in sectors ranging from technology to health care.

About 30% of companies reported that they were moving part of their supply chain out of China and the United States to buy components elsewhere. A similar amount indicated that they were delaying investment decisions because of trade tensions.

According to the study, some companies have reported other changes in recent months, such as more tax or environmental inspections and clearance of goods at Chinese customs.

The American chip maker has been one of the most important victims of the trade war. Qualcomm & # 39; s (QCOM) $ 44 billion acquisition of Dutch rival NXP Semiconductors (NXPI), which China killed in July by refusing to grant regulatory approval.

The two chambers of commerce on Thursday urged the US and Chinese governments to resume negotiations.

This could still happen before the next rate cycle. The Trump administration urged the Chinese authorities to organize a new round of trade talks, said Wednesday the economic adviser Larry Kudlow.

Trump and his advisers argued that tariffs are needed to pressure Beijing to give up its unfair practices. The US government accuses China of stealing intellectual property rights and forcing US companies to hand over valuable technologies. The Chinese government rejected the complaints as "unfounded".

"We support President Trump's efforts to restore Sino-US trade relations, resolve long-standing inequities and level the playing field," Zheng said. "But we can do it by means other than general tariffs."

The trade war has already contributed to the liquidation of stock markets and Chinese currencies. And other waves of US tariffs are expected to weigh on the Chinese economy, which has already begun to slow this year.

William Zarit, president of the American Chamber of Commerce in China, warned the Trump administration against the fact that these difficulties would force Beijing to comply with its requirements.

"The White House has threatened to launch the next barrage of tariffs to an additional $ 200 billion worth of Chinese goods, anticipating with this attack, or later, a white flag," he said. "But this scenario may underestimate China's ability to continue to face fire with fire."

CNNMoney (Hong Kong) First published on September 13, 2018: 3:56 ET