Who has the last laugh in trade war? Chances are, not US companies

Zero in on US companies with the highest exposure to China and the picture worsens

President Donald Trump’s trade war was meant to protect the interest of Americans. But when it comes to major U.S. companies, trade levies could hurt them more than their Chinese counterparts.

Companies in the MSCI USA Index rely on China for 6.6 per cent of their revenue, data compiled by MSCI Inc. show. Their Chinese peers, on average, rely on the US for just 2 per cent.

Measuring the potential impact of a trade war on revenues hasn’t been easy as most US companies kept quiet ahead of earnings season, leaving analysts with no option but to look at a stock’s performance