US exporters rush to buy goods from China as Trump’s tariff threat looms Reuters
Written by Lisa Baertlein and Ellen Zhang
Los Angeles/ BEIJING (Reuters) – U.S. imports from China ended the year strong after some companies stockpiled goods, toys, furniture and electronics ahead of President-elect Donald Trump’s plan to impose new tariffs that could reignite a trade war between the two countries. great economic power.
Trump, who has threatened to impose tariffs of 10% to 60% on goods from China, takes office on January 20. During his first term, Trump focused heavily on parts and components of China. Economists and trade experts predict his next wave of tariffs could apply to finished goods.
“So there has been a big increase in exports of final goods from China to the US, as importers intend to pay the tariffs,” said Frederic Neumann, chief Asia economist at HSBC in Hong Kong.
Chinese trade officials on Monday said December shipments rose to record levels and expressed concern over increased trade protectionism in the US and Europe.
451,000 40-foot containers of goods from China arrived at US ports in December, a 14.5% year-on-year increase, according to the trade data provider. Descartes Systems Group (NASDAQ:).
That’s over a year in which imports of US bedding, plastic toys, machinery and other products from China are expected to increase by 15% from 2023, according to Descartes.
While some U.S. retailers have rushed to stockpiles to avoid falling costs from the potential new tariffs, gauging the true impact on import earnings is difficult because importers keep that data confidential. Further complicating the analysis, strong US buyers have been fueling demand and some importers have brought in safety stocks to protect against disruptions from Houthi attacks on ships near the Suez Canal trade route and labor disputes at ports on the US east coast and in the Gulf of Mexico.
Trump also vowed to impose tariffs on goods from many other countries, including North American neighbors Mexico and Canada.
As a result, several categories of US imports from all local sources posted meaningful gains in the fourth quarter, according to S&P Global Market Intelligence.
Textiles and clothing increased by 20.7 percent; leisure products, mainly toys, gained 15.4%; household goods increased by 13.4%; and home appliances and consumer electronics posted gains of 9.6% and 7.9%, respectively, according to S&P.
Basic consumer categories such as home and personal care and food and beverages, rose 14.2% and 12.5%, S&P said.
