Posted on 08/08/2023 6:44:14 AM PDT by fluorescence
U.S. companies are accelerating efforts to reduce their dependence upon Chinese suppliers, even as officials in Washington and Beijing labor to put a floor under their sour relationship.
Through the first five months of this year, U.S. imports from China were down 24 percent from the same period one year ago, according to the Census Bureau.
Chinese products account for roughly 1 out of every 6 dollars Americans spend on imports, down from nearly 1 in 4 before the pandemic, according to Oxford data. Japan also is buying less from China. But European countries such as Germany and France are largely standing pat.
Foreign investors, meanwhile, are building fewer new Chinese factories, suggesting that other Asian countries will keep increasing their share of U.S. imports at China’s expense. Annual spending on new or “greenfield” sites in China fell from about $100 billion in 2010 to $50 billion in 2019 and hit just $18 billion last year, according to Oxford data.
One wrinkle in analyzing the shifting trade flows is the behavior of Chinese manufacturers. Some Chinese companies also have moved out of China to dodge U.S. tariffs, while others send their products to third countries for a modest amount of final processing that obscures their Chinese origins.
It’s hard to know how much of the $54 billion decline in U.S. imports from China this year may be offset by this practice. But for now, there is little sign of a massive Chinese end run. U.S. imports from Mexico are up about $10 billion compared with the same period last year; those from Vietnam are down about $9 billion. The United States also is buying less from Taiwan, Thailand, Indonesia, Malaysia and Cambodia.
(Excerpt) Read more at washingtonpost.com ...
When did the Census bureau decided to count imports? They better start counting border invaders so we’ll know when America is maxed out. NYC is already maxed out with them.
Translation: “Impoverishing Americans makes them buy less sh!t overall.”
Dollar wise Americans are spending the same amount of ChiCom crap but they are getting less for the same amount of money.
China is having major flooding soooo
I heard that the Trump era restrictions on China were never repealed by the Biden Administration....is this true?
Could it be why my grocery bill is so high? The good news is I quit drinking. Couldn’t help but ‘do I really need this’?
China represents a threat to civilization far greater than the USSR ever did. The civilized world should stop buying Chinese made goods so that they cannot continue to expand their military.
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