U.S. Tariffs Drive Decline in Chinese Imports, Including Flooring
Chattanooga, TN, May 13, 2021-U.S. tariffs have led to a sharp decline in Chinese imports, according to the Wall Street Journal, with the flooring industry seeing a significant decrease in Chinese imports in every category except LVT.
“Nearly two-thirds of all imports from China-or roughly $370 billion in annual goods-were covered by tariffs imposed by the U.S. in 2018 and 2019,” reports the Wall Street Journal. “Tariffs now cover just half of Chinese exports to the U.S., or about $250 billion in goods annually, as U.S. companies buy more from other countries, according to a Wall Street Journal analysis of information from Trade Data Monitor.”
“The Trump administration imposed the levies in 2018-19, aiming to boost U.S. factory production by making Chinese imports more expensive for the American companies that bring them in.
“Vietnam has been an especially big beneficiary. It now ranks No. 6 globally for imports to the U.S., up from 12th as recently as 2018.”
According to Market Insights, between from 2019 to 2020, tufted carpet and rug imports from China declined 22.2%; other carpet and rugs 16.1%; ceramic tile 98.1%; laminate 39.4%; resilient sheet 75.6%; and hardwood 22.3%. LVT is the only category that saw an increase in Chinese imports, rising 20.3%.
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