President Donald Trump’s trade war with China has U.S. companies shifting purchases of tariff-targeted products like furniture, refrigerators and car tires to countries such as Vietnam, South Korea, Taiwan and Mexico, according to a new analysis released on Wednesday.
Trump’s decision to slap tariffs of 10 to 25 percent on about $250 billion of Chinese goods has roiled U.S. retailers and manufacturers, who are scrambling to avoid potentially crippling cost increases.
Overall U.S. imports of containerized freight from China fell 6.4 percent during the first quarter as buyers worked off product stockpiled ahead of tariff increases and rerouted orders to lower-cost countries, S&P Global Market Intelligence’s trade data firm Panjiva said in the report.
