In Depth: Trump Is Already Shaking Up U.S.-China Trade
Chinese exports to the U.S. surge ahead of the president-elect’s promised 60% tariffs, leading to one of the busiest Octobers for shipping on record
As Donald Trump prepares to return to the White House, the world’s attention is focusing on what policy changes his new administration will bring and how they will impact global supply chains.
Even before the Nov. 5 vote, exporters and importers were so unsettled by the prospect of the former president’s reelection that many were bracing for disruptions to trade by accelerating shipments. Except for 2021, when U.S. manufacturing came to a halt because of the pandemic, last month was the busiest October on record, one China-based shipping agent told Caixin.
Container shipments from Shanghai’s Yangshan Port to North America have surged since mid-year, defying earlier forecasts of a post-peak decline in Chinese exports and freight rates. In October, U.S. container imports hit 2.5 million TEUs, or 20-foot equivalent units, an 8.1% increase from a year earlier to a near-record high, according to U.S. government data. Imports from China rose 8.3%, while Chinese customs data showed a 6.8% rise in exports to the U.S., totaling 330.9 billion yuan ($45.6 billion) — the highest level for the month since the record shipments of October 2021.
【Check out for more challenges for China when Trump returns to the White House. Less than $0.7/week!】
Keep reading with a 7-day free trial
Subscribe to Caixin Global China Watch to keep reading this post and get 7 days of free access to the full post archives.