After 17 Years, China Set to Lose ‘Top Spot’ As No. 1 Exporter To US; China-US Trade War Benefits Others

In the international trade platform, China is going to lose its longevity position as the US’s top exporter. This is because of the tensions between the two big economies and a vital reconstitution of global supply chains. According to the latest reports, the US Commerce Department exposes a significant downturn of around 20% in US product imports from China from January to December.  For the place of China, Mexico will be positioned for the US for the whole year. As per reports, US imports from Mexico were a record in 2023 making around 15% of the total for the first 11 months. 

Smartphone imports from China had a remarkable decrease of 10% while having surged imports of fivefold from India. Likewise, laptop imports from China also dropped by 30% but quadrupled from Vietnam. The diversification is aligned with the Friend shoring policy of Biden that emphasizes the significance of preserving supply chains within the allied and partner countries. Biden administration policy has also decided to retain the $370 billion worth of tariffs on China products that were imposed by Donald Trump. 

Will Mexico take advantage of the US-China trade war?

Elevated restrictions by the US on China will witness a vital shift, with Mexico emerging as a leading beneficiary. Biden’s assertive moves, marked by restrictions and tariffs on critical technology exports from China have created a remarkable decrease in Beijing’s exports to the US. Chinese companies are planning to establish industrial operations in Mexico, which will change the dynamics of trade in the region. 

The shift in position will be reflected in the Chinese strategy to decrease dependence on America for exports. China’s government is working actively to increase the Yuan’s role in global payments, looking for alternatives for the dollar. The government plans transactions with its vital partners like the Middle East, Russia, and South America. 

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