🧵 1. US trade shifts from China due to Biden and Trump policies, but reliance on China-linked supply chains remains, leading to higher costs for consumers, says new research. #business
🧵 1. US trade shifts from China due to Biden and Trump policies, but reliance on China-linked supply chains remains, leading to higher costs for consumers, says new research. #business
🧵 Read more at: https://www.reuters.com/markets/us/trump-biden-policies-shifted-trade-china-cost-study-shows-2023-08-26/
🧵 5. Vietnam and Mexico capture much of the re-allocated trade, while concerns arise over the risks of sprawling supply chains and disruptions. China strengthens trade links with other countries.
🧵 4. Uncertainty surrounds the shift from China, as higher consumer prices are not offset by clear benefits such as improved manufacturing efficiency in the US.
🧵 3. US tariffs, industrial policies, and the pandemic trigger a "great reallocation" in supply chain activity, decreasing direct US sourcing from China.
🧵 2. Despite fears of deglobalization, overall trade remains steady at under 60% of world GDP.