U.S. imports from China ended the year on a high note, as some companies stocked up on shipments of apparel, toys, furniture, and electronics in anticipation of President-elect Donald Trump’s proposed new tariffs.
According to Reuters, that could revive a trade war between the world’s economic superpowers. Back in November 2024, Xeneta had highlighted that Donald Trump’s victory in the U.S. Presidential Election could make ocean container shipping freight rates spike.
“The large rise was in part a reflection of concerns about escalating trade protectionism” Lv Daliang, spokesperson for the Chinese customs administration, said at a press conference in Beijing.
Data from Xeneta showed that the last time Trump ramped up tariffs on Chinese imports during the trade war in 2018, freight rates spiked more than 70%.
There has thus been an uptick in the exports of final goods from China to the U.S., as importers aim to front-run possible tariffs on consumer items.
…said Frederic Neumann, chief Asia economist at HSBC in Hong Kong.
According to the American Association of Port Authorities’ Economic Impact Report imports and exports amounted to $5.1 trillion of goods in 2023, an amount equivalent in size to roughly 20% of the US economy.
