Rising toll of US-China trade, tech curbs in focus ahead of Xi-Trump summit

With President Xi Jinping expected to meet US President Donald Trump in Washington this week, attention is again turning to the tit-for-tat trade and technology restrictions between the two nations – a friction that continues to escalate despite occasional reprieves.

Over the past year, tech firms and industrial manufacturers on both sides have been casualties of the ever-intensifying rivalry, even as some benefit from growing state support to cushion the blow.

From lost sales and squeezed margins to supply-chain disruptions and rising competition, this piece breaks down how the restrictions are affecting companies in the world’s two largest economies, drawing on earnings reports from 18 listed firms.

1. Direct financial hits

Many of the firms reported direct financial impacts from US-China restrictions, including lost revenue, lower profits, cancelled orders and substantial inventory writedowns.

US chipmaker Nvidia, for example, recorded a US$400 million charge in the first half of its financial year 2027, which ended in July, for excess inventory and purchase obligations related to the H200 graphics chip.