Imports of goods from China to the United States ended the year at a high level, as some companies stockpiled clothing, toys, furniture and electronics ahead of planned new tariffs that President Donald Trump has promised to impose. Reuters reportsand UNN.
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According to the agency, this situation could provoke a new wave of trade war between the two economic powers.
Trump, who has previously threatened to impose tariffs of 10% to 60% on Chinese goods, will officially take office on January 20. During his first term in office, he has mostly focused on parts and components sourced from China. Economists and trade experts predict that the next wave of duties could be on finished goods.
"We are seeing a rise in China's exports of manufactured goods to the US as importers try to get ahead of possible tariffs on consumer goods," said Frederick Neumann, chief economist at HSBC Hong Kong.
According to Chinese trade officials, exports rose to record levels in December. This is due to fears of increased trade protectionism in the US and Europe. According to trade data provider Descartes Systems Group, the equivalent of 451,000 40-foot containers of goods from China were delivered to U.S. ports in December, up 14.5% from the same period last year.
Thus, in 2024, US imports of bedding, plastic toys, appliances, and other goods from China increased by 15%.
Although some U.S. retailers urgently imported goods to avoid financial losses from possible new duties, it is difficult to determine their impact on total imports, as importers keep such data secret. The situation is further complicated by the fact that strong demand among American consumers has also boosted imports. Some companies have imported additional goods as a backup in case of disruptions due to Houthi attacks on shipping near the Suez Canal or labor conflicts in ports on the US East Coast and in the Gulf of Mexico.
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Trump also promised to impose tariffs on goods from other countries, including Mexico and Canada. As a result, in the fourth quarter of 2024, several categories of imports to the United States from all regions of the world showed significant growth. According to S&P Global Market Intelligence, textiles and apparel grew by 20.7%, leisure goods, mainly toys, by 15.4%, and furniture by 13.4%. Household appliances and consumer electronics showed growth of 9.6% and 7.9%, respectively.
The categories of consumer essentials, such as household and personal care products, and food and beverages, grew by 14.2% and 12.5%, respectively.
Recall
Trump announced the creation of a new agency to collect revenue from foreign sources.