TAIPEI (Taiwan News) – Mexico, Vietnam, and Taiwan, respectively, are the three main beneficiaries of the trade war raging between the United States and China, the Ministry of Finance said Wednesday (August 21).
During the first half of the year, the U.S. had seen the proportion of its imports from China decrease by 2.56 percent compared to the same period last year, while the proportion of imports from Mexico, Vietnam and Taiwan had risen by 0.82 percent, 0.61 percent, and 0.35 percent respectively, the Central News Agency reported.
Three waves of tariffs launched by the Trump administration had covered about 46 percent of Chinese exports to the U.S., leading manufacturers to scramble for alternative production sites.
China was still the largest source of imports to the U.S., but at 17.7 percent during January to June 2019, the figure was 2.56 percent lower than the same period last year, according to the ministry.
If the three waves of tariffs are considered separately, then the most recent wave benefited Taiwan the most, followed by Vietnam, South Korea, Russia, and India, the CNA reported.
At the same time, the Taiwanese government has been pursuing a vigorous campaign to get Taiwanese companies investing in China to return home, a move also helped by the U.S. tariffs.