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Amid tight relations between Washington and Beijing, American businesses reduced their purchases of goods from China by 24% from January through May 2023 compared to the same period last year, reports The Washington Post.
Despite the leaders of the two nations' efforts to improve ties, tensions still exist. In an effort to avoid being "sandwiched between rival superpowers," American businesses, such as HP and Lego, are attempting to lessen their reliance on Chinese suppliers and restructure their supply chains. According to the publication, by the end of May 2023, Mexico had replaced China as the United States' top trading partner. The newspaper notes that Vietnam and Thailand also assert "China's dominant position" in addition to it.
The Washington Post notes that the PRC's position as the hub of global production is likely facing its most difficult test since Beijing entered the world economic system more than 20 years ago. Prior to the pandemic, Chinese imports made up roughly $1 out of every $4 that Americans spent on imports; today, that proportion is $1 out of every $6. While European nations, particularly Germany and France, have started to purchase fewer goods from China, Japan has also started to do the same.
source: washingtonpost.com
Despite the leaders of the two nations' efforts to improve ties, tensions still exist. In an effort to avoid being "sandwiched between rival superpowers," American businesses, such as HP and Lego, are attempting to lessen their reliance on Chinese suppliers and restructure their supply chains. According to the publication, by the end of May 2023, Mexico had replaced China as the United States' top trading partner. The newspaper notes that Vietnam and Thailand also assert "China's dominant position" in addition to it.
The Washington Post notes that the PRC's position as the hub of global production is likely facing its most difficult test since Beijing entered the world economic system more than 20 years ago. Prior to the pandemic, Chinese imports made up roughly $1 out of every $4 that Americans spent on imports; today, that proportion is $1 out of every $6. While European nations, particularly Germany and France, have started to purchase fewer goods from China, Japan has also started to do the same.
source: washingtonpost.com
