US firms are retreating from China: A record 52% of US companies do not plan on making new investments in China, according to a survey by the US-China Business Council. This is a significant increase from the 20% posted last year. The survey covers major US multinationals, over 40% of which generated at least $1 billion in revenue in China last year. Additionally, 27% of firms said they moved or plan to move some operations out of China, the most since at least 2016. This percentage has TRIPLED over the last 4 years. Trump's trade war is reshaping the global economy.