The president-elect says he will punish China if it doesn’t choke off the flow of ingredients, but Beijing could balk if relations between the countries sour.

The share of companies that are moving operations out of China jumped to 69% in 2024 from 55% in 2022, a Bain survey said.

But some fear what the promises of US president-elect Donald Trump – who has vowed steep tariffs on goods made in China - means for the country’s export-driven economy. After all, then-President Trump ...