Zoom Telephonics has had all its applications for exemptions from U.S. tariffs on Chinese exports denied by the U.S. Trade Representative. The modem maker’s CEO, Frank Manning, has stated the tariffs have “dramatically impacted our profits, cash flow, allocation of human resources, and stock price” and have led it to “move most of our production out of China” and into Vietnam in 1Q 2020. Zoom’s case is not uncommon. Only 5.9% of list three tariff exemption requests have been approved. U.S. imports of modems by all manufacturers are already beginning to shift. Imports from China fell to 1...