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Decoupling Where it Matters? US Imports from China in Critical Sectors
Fernando Leibovici, Jason Dunn 2024-02-16
A number of policies have been recently introduced to reduce US trade dependence in critical goods. The concern behind these policies is that shocks can disrupt access to these critical goods, which can have devastating consequences for the US economy. For instance, the US enacted the CHIPS and Science Act of 2022 to increase domestic production of semiconductors to bypass sources such as Taiwan, which is subject to increasing geopolitical risks.
We study whether growing concern about US-China relations has begun to reshape bilateral trade flows of critical and non-critical goods, and how it contrasts with the trend of the past three decades.
Evolution of US Imports from China: Growth and Reversal
We begin by examining the composition of US imports over time across a sample of countries. Figure 1 shows that the share of US imports from China increased systematically over the past 30 years—from 4.8% in 1992 to a peak of 21.6% in 2017. The period following China's accession to the World Trade Organization featured particularly rapid growth.
| 이전글 | Trade Effects of the US–China Trade War on a Third Country: Preventing Trade Rerouting from China | 2024-02-16 |
|---|---|---|
| 다음글 | 我国化石能源产业链供应链韧性分析 | 2024-02-15 |
