Businesses across multiple industries are increasing prices, cutting financial guidance and warning of growing uncertainty as U.S. President Donald Trump's trade war pushes up costs, up-ends supply chains and stirs concerns about the global economy.

China trade tensions have drawn intense attention, business leaders who focus too narrowly on tariffs risk missing a deeper, longer-term shift. China’s economic strategy—centered on reducing dependence on foreign firms,

Beijing continues to be willing to endure economic hardship to put pressure on the U.S., even as the Trump administration hints at a more conciliatory approach.