In recent years, globalization and liberalized trade based on free trade agreements and extensive global supply chains are being replaced by a fragmented approach to trade that focuses on economic and national security goals. This article examines US trade with China, the changing composition of Chinese exports and the response of the US government and business sector to Chinese competition. It analyses the nexus between US business operations, Chinese trade restrictions and the US trade deficit. The paper also investigates US business perspectives on Trump tariffs on China. It concludes by suggesting business strategies to deal with tariffs and supply chain volatility as well as government policies to complement business strategies.