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Wed May 12, 2021, 07:52 AM

Levies now cover about $250 billion a year in goods--down from $370 billion--as U.S. companies ...

Source: The Wall Street Journal.

WSJ NEWS EXCLUSIVE ECONOMY

U.S. Tariffs Drive Drop in Chinese Imports

Levies now cover about $250 billion a year in goods—down from $370 billion—as U.S. companies shift purchases elsewhere

By Josh Zumbrun
May 12, 2021 5:30 am ET

WASHINGTON—U.S. tariffs have led to a sharp decline in Chinese imports and significant changes in the types of goods Americans buy from China, new data show, with purchases of telecommunications gear, furniture, apparel and other goods shifting to other countries.

Nearly two-thirds of all imports from China—or roughly $370 billion in annual goods—were covered by tariffs imposed by the U.S. in 2018 and 2019. Tariffs now cover just half of Chinese exports to the U.S., or about $250 billion in goods annually, as U.S. companies buy more from other countries, according to a Wall Street Journal analysis of information from Trade Data Monitor.

The Trump administration imposed the levies in 2018-19, aiming to boost U.S. factory production by making Chinese imports more expensive for the American companies that bring them in. That so-called re-shoring of manufacturing hasn’t happened in any appreciable way, economic data show, as U.S. companies instead turned to other countries in Asia for supply.

Vietnam has been an especially big beneficiary. It now ranks No. 6 globally for imports to the U.S., up from 12th as recently as 2018.

“If the goal was to reduce imports from China then it succeeded,” said Craig Allen, president of the U.S.-China Business Council, which represents U.S. companies that do business in China. “But if the goal was to increase manufacturing employment in the United States I don’t see any evidence that that’s happened. If the goal was to increase imports from other countries in Asia or increase manufacturing employment in Vietnam, it’s succeeded.”

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Read more: https://www.wsj.com/articles/u-s-tariffs-drive-drop-in-chinese-imports-11620811802



U.S. tariffs have led to a sharp decline in Chinese imports and significant changes in the types of goods Americans buy from China, new data show




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https://twitter.com/JoshZumbrun
josh.zumbrun@wsj.com

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Reply Levies now cover about $250 billion a year in goods--down from $370 billion--as U.S. companies ... (Original post)
mahatmakanejeeves May 12 OP
modrepub May 12 #1
roamer65 May 12 #2
DENVERPOPS May 12 #3
oldsoftie May 12 #4
The Mouth May 12 #6
Calista241 May 12 #5
oldsoftie May 12 #7
oldsoftie May 12 #8

Response to mahatmakanejeeves (Original post)

Wed May 12, 2021, 09:34 AM

1. Tariffs Rarely Work As Intended

The market will always price them in and shift accordingly. In the long run tariffs hurt consumers because they reduce consumer's purchasing power. You (artificially) pay more for one good that means you have less money to spend on something else. In a consumer driven economy like ours this most likely means folks will have less discretionary money to spend on locally produced goods (restaurants/eating take out for example).

Funny, this (low tariffs/free market) used to be the old-school Republican gospel.

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Response to mahatmakanejeeves (Original post)

Wed May 12, 2021, 10:04 AM

2. I figured Vietnam would benefit.

It’s the next country in SE Asia to exploit.

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Response to mahatmakanejeeves (Original post)

Wed May 12, 2021, 10:04 AM

3. I gotta believe

that China won't get mad, they will get even.

Trump's move destroyed the U.S. Farmers and drove scores into bankruptcy. The chinese just changed their buying of soy beans, etc to other countries, especially Russia.

Who said: All roads lead to Russia.......?????????????/

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Response to mahatmakanejeeves (Original post)

Wed May 12, 2021, 10:18 AM

4. Good. Now bring back ALL of our antibiotic mfg.

How dangerous is it that nearly ALL our antibiotics are made in China? What if they just decided to stop shipping them?
And continue to move other mfg OUT of China. We, the people, feed the beast by continuing to pick the CHEAPEST option on the shelves.
Bring it home. And if its not possible to bring it all back to the US, then use countries that arent trying to take over the world

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Response to oldsoftie (Reply #4)

Wed May 12, 2021, 12:19 PM

6. Tariff the crap out of EVERYTHING not made here

I'll gladly pay more for 'Made in the USA'

Every cent we send to China is coming back to us in the form of bombs or bullets.

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Response to mahatmakanejeeves (Original post)

Wed May 12, 2021, 10:53 AM

5. This is not a bad thing IMO.

China is a long term strategic rival. They steal our ideas, they cost us jobs, and they exploit their own people and the environment. For our economy to be reliant on their generosity in providing us stuff is a significant risk.

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Response to Calista241 (Reply #5)

Wed May 12, 2021, 12:55 PM

7. I agree!

They will expand because they have over a billion to supply

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Response to mahatmakanejeeves (Original post)

Wed May 12, 2021, 12:56 PM

8. Many didnt know Pres Biden has kept Trump's tarriffs in place

I didnt until about a week ago

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