If U.S. President-elect Donald Trump delivers on campaignpledges to get tough with China on trade, lining up against himlikely will be another powerful adversary: American multinationalcorporations.

These companies have more than $228 billion in China investmentsat stake in the event of a trade conflict between the world's twobiggest economies. Their track record of pushing back againstWashington on trade indicates they'll back their own interests — and thus China — if enmity erupts.

A trade confrontation between China and the U.S. would rippleacross the globe, potentially disrupting China's vast chain ofsuppliers throughout Asia along with the price of consumer goods itexports to markets from New York to New Zealand. While Trump isdetermined to cut into the huge U.S. trade deficit with China,American companies are desperate not to lose ground to competitorsin one of the world's fastest-growing consumer markets.

“There will be a strong lobbying effort by American businessesand the markets will also wake Trump up,” said JamesMcGregor, Shanghai-based author of the 2012 book “No AncientWisdom, No Followers: The Challenges of Chinese AuthoritarianCapitalism,” who has worked in China since 1990. “If the stockmarket sees that Boeing, the auto companies, the technologycompanies, the agricultural conglomerates are all going to beseverely hit by this they are going to take a big tumble.”

The U.S. Chamber of Commerce and other pro-trade groups haveinfluential allies among Republicans who lead both chambers ofCongress. While many say they are willing to consider Trump'sproposals, including to recraft some trade deals, they also saythey've long seen benefits to free trade in their home states andto the U.S. economy.

“My state is the No. 1 exporting state in the nation, and notcoincidentally our economy tends to be doing better than a lot ofthe rest of the country,” John Cornyn of Texas, the No. 2 SenateRepublican, told reporters this month. Cornyn, who leads the SenateFinance subcommittee on trade, said he views Trump's campaignpromises on trade as the starting point in a debate.

“It's a conversation,” he said. “Nobody gets to set the agendaunilaterally around here because of the separation of powers.”

In a videotaped speech last week, Trump vowed on day one of hispresidency to issue a notification of intent to withdraw from the12-nation Trans-Pacific Partnership, which he described as “apotential disaster for our country.”

The U.S. Chamber pulled few punches in criticizing Trump duringthe campaign. In March, its president, Thomas Donohue, said Trumphad “very little idea” of what trade actually was. And in June thechamber used Twitter to critique in real time an economic addressTrump gave, saying his proposals for tariffs would cost millions ofAmerican jobs.

Since the election, the business group has stressed areas ofagreement with the president-elect. Vice President-elect Mike Pencemet Nov. 16 with the chamber's board of directors, and enlisted thehelp of the business community and outlined opportunities forworking together, said Blair Latoff Holmes, a spokeswoman for thechamber.

Business groups have a history of pushing back againstWashington on trade issues with China. In the 1990s, companiesincluding Boeing Co., Motorola Inc. and American InternationalGroup Inc. were involved in lobbying efforts in the annual battleto renew China's most-favored nation status that gave its exportslow-tariff status in the U.S. In 2011, trade groups representingcompanies including Microsoft Corp. and Wal-Mart Stores Inc.lobbied against legislation to pressure China to raise the value ofits currency.

History is also replete with counter punches from China whenpunitive actions have been taken.

The U.S.-China Business Council, a Washington-based grouprepresenting more than 200 companies doing business in China, wrotea letter to lawmakers in 2011 to argue that unilateral legislationon the issue of the yuan would be counterproductive. That cameafter Senator Chuck Schumer, a New York Democrat, sought toreintroduce legislation aimed at forcing China to raise the valueof its currency. No legislation was passed.

Schumer will be Senate Democratic leader in the next Congress,meaning there could be shared ground when it comes to Trump'sthreats to label China a currency manipulator.

Still, there's hope among businesses that once in officePresident Trump will tone down campaign calls. China InternationalCapital Corp. in Beijing says a 45% tariff on imports from China is“unlikely” and could, if imposed, reduce China's exports to theU.S. by 21% and slice 0.9% off economic growth.

For investors, stocks will tank long before sales of companiesare hurt by a trade dust-up, said Jonathan Golub, chief U.S. marketstrategist at RBC Capital Markets in New York. Whole sectors thatare tied to high economic growth will drop, such as industrials,energy and materials companies, not just individual companies withstrong ties to China, he said.

“If Trump focuses on protectionist or isolationist policies asopposed to pro-growth policies, don't worry about looking for namesthat are China-exposed because the market is going to broadly bedown,” Golub said.

Steven Madden Ltd., a fashion footwear maker based in LongIsland City, New York, sources shoes from manufacturers incountries including China, Mexico and India. Those suppliers couldbe hurt by higher tariffs in the event of a trade tussle, said CEOEdward Rosenfeld in a Nov. 15 Morgan Stanley conference.

“What I'm hoping is that some of that campaign rhetoric got alittle over heated, but that cooler heads will prevail,” Rosenfeldsaid.

Trump is expected to tone down his stance against China oncehe's in office and “economic reality” sets in, said Nick Heymann,an analyst with William Blair & Co., who covers GeneralElectric Co., Emerson Electric Co. and Rockwell Automation, amongothers.

“I've got to believe that there'll be more discussions beforeclubs start swinging,” he said.

But Trump's lack of a track record in public office means it's awild card just how much of his campaign rhetoric on trade will beexecuted. Because he's from outside the establishment he also maybe more resistant to lobbying than previous administrations, saysVictor Shih, a professor at the University of California atSan Diego who studies China's politics and finance.

“He really is outside of this Washington D.C. lobbyingestablishment,” he said. “One of the big issues going forward iswhether they succeed in co-opting him or whether he really willjust keep on standing outside of that establishment.”

Bloomberg News

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