U.S. companies are concerned about the Trump administration's shift to focus on bilateral trade deals, rather than multilateral ones, said Tara Joseph, president of the American Chamber of Commerce in Hong Kong.

"Individual deals, bilateral deals could actually take a lot of time to complete," she told CNBC's "Squawk Box" on Thursday.

President Donald Trump has expressed a preference for bilateral trade agreements, over multi-lateral ones, claiming he can negotiate better deals that way.

AmCham had supported the Trans-Pacific Partnership (TPP) deal, which had originally included 12 nations, but Trump pulled the U.S. out of the mega-free trade deal early in his administration.

"With that blown out of the water, we would like to see what sort of trade framework is going to be created," said Joseph said.