- US imports from China finished the year strong after some companies stockpiled shipments of apparel, toys, furniture, and electronics ahead of Trump’s plan to impose new tariffs that could revive a trade war between the world’s economic superpowers.
- Trump, who has threatened to slap tariffs of 10 percent to 60 percent on goods from China, will take office as president of the United States on January 20. During his first term, Trump mainly targeted Chinese parts and components. Economists and trade experts predict his next wave of tariffs could apply to finished goods.
U.S. imports from China ended the year on a high note, as some companies stocked up on shipments of apparel, toys, furniture, and electronics in anticipation of President-elect Donald Trump’s proposed new tariffs, reports Safety4sea.
US importers rush in goods from China
According to Reuters, that could revive a trade war between the world’s economic superpowers. Back in November 2024, Xeneta had highlighted that Donald Trump’s victory in the U.S. Presidential Election could make ocean container shipping freight rates spike.
“The large rise was in part a reflection of concerns about escalating trade protectionism” Lv Daliang, spokesperson for the Chinese customs administration, said at a press conference in Beijing.
Data from Xeneta showed that the last time Trump ramped up tariffs on Chinese imports during the trade war in 2018, freight rates spiked more than 70%.
“There has thus been an uptick in the exports of final goods from China to the U.S., as importers aim to front-run possible tariffs on consumer items,” said Frederic Neumann, chief Asia economist at HSBC in Hong Kong.
According to the American Association of Port Authorities’ Economic Impact Report imports and exports amounted to $5.1 trillion of goods in 2023, an amount equivalent in size to roughly 20% of the US economy.
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Source: Safety4sea
