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Companies now want to depend less on one place, which means looking for an alternative to China, Bill Winters, the chief executive of Standard Chartered Bank, said at the World Economic Forum in Davos, Switzerland, this year.

“People who are concerned at the prospect of greater tariffs on Chinese exports, for example, are looking to move export facilities from China to other countries, including Chinese companies,” Mr. Winters said.

Countries seeking to displace China have begun pointing out that exports from their countries are less likely to face tariffs.

For companies with operations in China, “the trade war between the United States and China creates a new uncertainty,” Airlangga Hartarto, Indonesia’s minister of industry, said in an interview in Davos.

The ability to diversify depends on the industry. Some auto parts companies have run their American factories more hours each day to avoid tariffs on Chinese-made goods, said Razat Gaurav, the chief executive of LLamasoft, a supply chain management company in Ann Arbor, Mich.

By contrast, he said, manufacturers of smartphones and smartphone components — which have generally not been hit by Mr. Trump’s tariffs — have found few places to move work because China dominates that supply chain. Still, some in that industry are shifting too, such as Sony’s closure of a Beijing smartphone factory last month after expanding production in Thailand.