Decoupling starts to bite

US imports from China fell 25% y-o-y to $169 billion in the five month period, says the US Department of Commerce.

That represented 13.4% of US total imports, down 3.3% y-o-y, and was a 19 year low.

In the same period, US imports from Mexico were $195 billion  and imports from Canada were $176 million.

US imports  from the Association of Southeast Asian Nations reached $124 billion in the period.

US imports from China peaked at 20% between 2015 and 2018 and started to fall under President Trump, who imposed heavy duties on them, and continued under President Biden, who maintained the duties and added further restrictions on a range of goods.