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According to a new badysis report released Wednesday by the S & P Global Market Intelligence business data company, Panjiva, the trade war between the two countries has led US companies to source rights-based products. customs, such as furniture, refrigerators and car tires. like Vietnam, South Korea, Taiwan and Mexico, a change of China.
Key points (via Reuters):
"Overall, US containerized cargo imports from China fell 6.4% in the first quarter as buyers reduced product inventories before tariff increases and orders were redirected to countries where the costs are lower.
US imports of furniture made in China by retailers such as IKEA, Home Depot, Target Corp and Room to Go dropped 13.5% in the first quarter. This was partially offset by a 37.2% increase in shipments from Vietnam and 19.3% of imports from Taiwan.
The change also affected the home appliances.
Imports of Chinese refrigerators fell 24.1 percent in the quarter, as shipments from South Korea and Mexico increased by 31.8 percent and 32 percent, respectively.
US companies are also modifying their plant investments following China's tiff, which, according to a trio of economists, has already cost US consumers and businesses $ 19.2 billion. "
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