The trade war between the United States and China escalated from the first term of President Trump to the present second term. Despite a temporary truce, the United States imposed tariffs on China as high as 55%. The latest data shows that out of the top ten goods imported from China by the US in 2018, eight have seen a decrease of over 50% in imports, with five goods experiencing a decline of over 60%.
According to the latest census data as of July, the US trade deficit with China has decreased by 52.94% since 2018. Over the span of these seven months, the deficit has dropped from $296.54 billion to $194.98 billion.
While imports from China have decreased, Chinese goods are still entering the US market but are now labeled as “Made in Vietnam,” “Made in India,” “Made in Taiwan,” “Made in Cambodia,” or products from many other countries. Therefore, the Trump administration imposed a 40% tariff on goods with undisclosed country of origin.
Here are the top ten goods imported from China by the US in 2018 and the decrease or increase in imports up to now.
According to the latest data from the US Census Bureau, compared to the same period last year, imports of mobile phones and related equipment (HS 8517) from around the world to the US have increased by 29.89%, while imports from China have decreased by 55.43%.
China’s market share has dropped from 61.78% in 2018 to 21.20% this year. Vietnam’s market share increased from 5.31% to 20.05%, India’s from 0.18% to 18.96%, and Thailand’s from 3.18% to 11.91%.
Imports of computers (HS 8471) by the US have increased by 140.73%, while imports from China have decreased by 67.35%.
China’s market share decreased from 55.03% in 2018 to 7.46% this year. Taiwan’s market share rose from 2.73% to 30.24%, and Vietnam’s from 0.74% to 15.65%.
Since 2018, imports of computer parts and related equipment (HS 8473) by the US have increased by 182.29%, while imports from China have decreased by 67.50%.
China’s market share went from 67.30% in 2018 to 8.02% this year. Taiwan emerged as the big winner, with its market share increasing from 5.92% to 51.04%. Vietnam’s market share increased from 0.28% to 13.93%, and Malaysia’s from 0.95% to 6.17%.
Recently, the discussion on raising tariffs by Trump has drawn attention to furniture imports. The global furniture import volume by the US (HS 9403) has only increased by 2.63%, while imports from China have decreased by 62.90%.
In 2018, China held a market sh…