📝Trade Flow Data Shows China Hit The Most: RBC

we’re seeing early signs of movements. China was hit with the most punitive tariffs of all U.S. trade partners again, and saw a steep decline in goods exports to the U.S. this year by a staggering 44% in just five months between December 2024 to May.

Some of that decline could be reflecting trans-shipping of Chinese exports through peripheral Asian economies—Taiwan and Vietnam both saw their shares of U.S. imports rise from last year – and thereby addressed by a new trans-shipment clause the U.S. is set to levy on Asian trade partners. Although, actual implementation of the clause could prove challenging.

Another part of early movements in trade flows could also be tied to U.S. businesses leveraging inventories that were built up earlier in the year, which will eventually run out. - RBC