What Trade War? China’s Export Juggernaut Marches On

As President Trump has imposed steep tariffs on China, American importers are buying much less.

Countries buying less from China Decline in China’s exports, Q3 2025 vs. Q3 2024 Russia $5 billion United States $38 billion Switzerland Mongolia Iran Brazil Mexico $690 million Panama Countries buying less from China Decline in China’s exports, Q3 2025 vs. Q3 2024 Russia $5 billion United States $38 billion Switzerland Mongolia Iran Mexico Brazil $690 million Panama Countries buying less from China Decline in China’s exports, Q3 2025 vs. Q3 2024 Russia $5 billion United States $38 billion Switzerland Mongolia Iran Mexico Brazil $690 million Panama

But the rest of the world is making up the difference, buying more from China than ever.

Countries buying more from China Increase in China’s exports, Q3 2025 vs. Q3 2024 Japan Vietnam $11 billion U.K. European Union $15 billion Hong Kong $12 billion Thailand Congo $5 bil. India U.A.E. Taiwan Liberia Singapore Australia Argentina Countries buying more from China Increase in China’s exports, Q3 2025 vs. Q3 2024 Hong Kong $12 billion Japan U.K. European Union $15 billion U.A.E. Vietnam $11 billion Thailand Congo $5 bil. India Singapore Australia Taiwan Liberia Argentina Japan Uzbekistan U.K. Countries buying more from China Increase in China’s exports, Q3 2025 vs.