The US-China trade war, which began in March 2018 with tariffs of 25 percent on steel and 10 percent on aluminum, has reached hundreds of Chinese goods. Between 2017 and 2023, US imports from China fell by $81.56 billion, reducing China’s share of US imports from 22.45 percent to 14.39 percent. Despite this decline, overall U.S. merchandise imports rose 31.51 percent, from $2.31 trillion to $3.04 trillion, GTRI found.
Meanwhile, China’s global exports increased by $1.1 trillion, from $2.3 trillion to $3.4 trillion between 2017 and 2023, offsetting its losses in the US market. This could possibly be due to the repatriation of goods through third countries and the expansion of Chinese production overseas.
Between 2017 and 2023, Mexican exports to the US increased by $164.3 billion. Canada followed with $124.0 billion and Vietnam was third with $70.5 billion. South Korea and Germany have also increased their exports to America.
India, ranked sixth, increased its exports to $36.8 billion from $50.5 billion to $87.3 billion. The main contributor to India’s export growth was smartphones and telecommunications equipment, which accounted for $6.2 billion of growth, accounting for 17.2 percent of the total growth. Pharmaceuticals added $4.5 billion, petroleum oil $2.5 billion, solar cells $1.9 billion, and gold jewelry and lab-grown diamonds added $2.3 billion.
“For India, this evolving business landscape offers opportunities to strengthen domestic supply chains, reduce dependence on Chinese intermediaries and increase competitiveness in key export sectors,” said GTRI Founder Ajay Srivastava.