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U.S. Companies Vouched for China During Trump’s First Term. Not Anymore.
What US companies did not get early on is that as China's economy advanced local companies could make the same products for less and innovate to take a big share of the market. Ford exited China and GM took $5 billion charge on its China business. Chinese makers of cars, EV's, laptops and cell phones have the major share of the market. In 2024 US companies chastened by their experience and failing to compete in China are reticent about tariffs impacting their market share in China.
Other reasons China was growing at over 10% in the last year of Obama's second term. In 2024 China is struggling to reach 5%. Following Covid, housing industry collapse, as US and Europe block China's exports, China's public is growing wary of spending.
There are only 800 Americans studying in China in 2024 compared to 11,000 in 2019. There are 290,000 Chinese students in US.
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