For companies, those who have much bigger stakes in China are suffering (e.g., Foxconn). But there are also companies benefiting from the trade war since they don't incur the extra cost like their China-based competitors. The companies like TSMC are barely affected since they have a reasonably low percentage of yields in China. For labor/domestic businesses in general, they benefit from it like India and other SEA countries because the global supply chains are coming to diversify and they are attracting more manufacturing investment now.
That is not strightly true because there isn't really an alternative to Foxconn in size and scale. But in other industry where there are lots of alternative around the world, the heat are quite intense.
