The effect of hydrostatic pressure on chemical reactions induced by 20 kHz ultrasound has been studied using three different methods: the oxidation of potassium iodide, bubble cloud visualization studies, and sound attenuation measurements. The latter two have demonstrated that shielding of the ultrasonic wave is less pronounced at elevated pressures. Accordingly, the yield of iodine liberation increases with increasing pressure. At high static pressures, however, the less efficient cavitation dynamics dominate and the chemical reactivity decreases rapidly.