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Of course some Chinese goods are bypassing the Trump tariffs by being transshipped through Vietnam and other countries 1/ wsj.com/articles/ameri…
But that's probably not the whole story. These days, China has moved part way up the value chain -- it's no longer just the place of final assembly for goods whose guts are produced in richer countries. So final assembly of Chinese components can be shifted too 2/
There may also be a sort of grand trade diversion, in which America starts getting stuff from Vietnam and Bangladesh while Japan and Europe shift toward purchasing from China -- which has been cutting tariffs on everyone except us 3/ piie.com/blogs/trade-in…
A decline in the yuan could help this process. Overall, Trump's tariffs will probably hurt Chinese exports less than the administration imagines. They're not nothing, but there are various end runs available 4/
