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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