Impact of the U.S.-China trade war Exports to Vietnam, South Korea, and Taiwan are strong, while exports to China are declining
In the trade war between the United States and China, led by President Donald Trump, U.S. companies are shifting purchases of tariffed goods such as furniture, refrigerators and car tires to Asian regions such as Vietnam, South Korea and Taiwan.
U.S. retailers and manufacturers face a major challenge after President Trump's decision to impose tariffs of 10-25% on nearly $250 billion of Chinese goods. Therefore, we are keen to find new suppliers to avoid increasing customs costs.
Panjiva, a subsidiary of S&P Global Market Intelligence, said that in the first quarter, total U.S. imports from China fell 6.4%.
Chinese furniture imports into the US by retailers such as IKEA, The Home Depot, Target Corp and Room To Go fell 13.5% in the first quarter. Meanwhile, the value of shipments from Vietnam increased by 37.2%, while the value of imports from Taiwan also increased by 19.3%, he said.
Procurement of home appliances from China to South Korea
In the first quarter, US refrigerator imports from China fell by 24.1%, while imports from South Korea surged to 31.8%. “A major driver of this change is the restructuring of supply chains by Samsung Electronics and LG Electronics,” Panjiva said in a report.
Sourcing of automobile tires from China to Vietnam
Tire imports from China fell 28.6% in the first quarter. US tire imports from South Korea increased by 11.1%. According to Panjiva, suppliers Hankook Tire and Nexen Tire are moving to develop new business.
Ohio-based Cooper Tire & Rubber Tire announced last December that it had formed a joint venture with Sailun Vietnam to build a radial tire plant in Ho Chi Minh City, Vietnam.
"The US-China trade war will diversify sourcing," said Christopher Eperjesy, chief financial officer of Cooper Tire & Rubber Tire.
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