February 08, 2024 08:39 am | Updated 08:39 am IST - WASHINGTONFor the first time in more than two decades, Mexico last year surpassed China as the leading source of goods imported to the United States. At the same time, the value of Chinese imports imports tumbled 20% to $427 billion. The Trump administration began imposing tariffs on Chinese imports in 2018, arguing that Beijing's trade practices violated global trade rules. Supply-chain disruptions related to the COVID-19 pandemic also led U.S. companies to seek supplies closer to the United States ("near-shoring''). Scissors suggested that the drop in U.S. reliance on Chinese goods partly reflects wariness of Beijing's economic policies under President Xi Jinping.

Source: The Hindu February 08, 2024 11:17 UTC