Today’s trade data underscore again the extent to which global demand is supporting China’s economy, and how little impact the trade restrictions of recent years have had. China’s export volumes have expanded twice as fast in the six years since Donald Trump announced his first round of tariffs on China as they did in the six years before. With China’s manufacturing capacity surging, foreign governments may have to devote more resources to policing tariff evasion if they want tariffs to meaningfully reduce their countries’ dependence on China in many sectors.
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