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Downturn Predictions Defied as U.S. Imports Spring Up in April

China 2662 Cons. Discr. - Autos 980 Cons. Discr. - Durables 365 Materials - Chemicals 175 Mode - Containerized 1302 Trade Balance 879 U.S. 4732 Vietnam 298

U.S. seaborne imports grew 3.5% year over year in April – arguably the first normalized month following the lunar new year period and earlier tariff volatility. It may be the last for a while given the increase in tariffs on Chinese imports applied from May 10. Imports from China increased by just 2.0% year over year. Those from Vietnam surged 29.3% higher in part due to relocation of manufacturing. The impact of different tariff levels can perhaps be seen in furniture imports – subject to 10% duties – which fell 2.2% while shipments of chemicals, mostly at a 25% rate, dropped 11.9%. Yea...

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