More than 70% of US companies operating in South of China consider option of reducing further investments and moving part or all manufacturing into other countries, Bloomberg reports. It seems that trade war is stealing corporate profits.

This conclusion is a result of survey conducted by American Chamber of Commerce in Southern China. Total 219 companies representing one third of manufacturing sector were surveyed.

About 64% of companies informed about possible moving, but only 1% considers North America as a new manufacturing base.

Companies in retail sector suffered the most from US tariffs, while agricultural firms from China duties. The main problem that worries business leaders is rising price that hit profitability.

One third of companies said that due to trade dispute business volumes fell by $1 million to $50 million, while about one out of ten manufacturers informed about $250 million or more losses. About half of companies said that bureaucratic barriers rose as well.