With U.S. markets closed for Labor Day on Monday, futures for the Dow Jones, S&P 500, and Nasdaq traded higher following a ruling from a federal appeals court that found most tariffs imposed under former President Donald Trump to be unlawful. The tariffs remain in place while the case heads to the Supreme Court, but the decision raises the possibility that importers could eventually receive billions of dollars in reimbursements. The development has given markets “a cautious boost of optimism,” Investors.com reported.
Meanwhile, a new survey by the U.S.–China Business Council sheds light on how American companies are managing operations in China despite heightened trade pressures. According to reporting by the New York Post, 73% of U.S. firms active in China said they intend to maintain their presence there, and some are even expanding. Tariffs ranked as the second-biggest concern for companies, behind the overall state of U.S.–China relations. About one-third of the firms surveyed said they had paused or scaled back expansion projects, while nearly 40% have taken steps to diversify supply chains away from China. Only around one-fifth said they are considering bringing production back to the United States.
The survey highlights the gap between political calls for reshoring and the business reality on the ground. Many companies remain tied to China’s established supply chains and infrastructure advantages, making a full withdrawal economically unfeasible. Instead, firms appear to be adjusting incrementally—seeking resilience through diversification while maintaining their foothold in China.
Taken together, the appeals court decision and the survey findings show how U.S. trade policy continues to collide with business imperatives: Washington may tighten tariffs to gain leverage abroad, but American companies remain deeply embedded in global networks not easily unwound.
