❶ The US and EU are reducing imports from China, according to the Council on Foreign Relations;

❷ Vietnam, Malaysia, and Thailand are increasing exports but must import more from the US to mitigate reciprocal tariff impacts;

❸ Japan, with stronger negotiating power, is delaying trade negotiations and unlikely to reach a deal before July.

➀ Surveys indicate Americans lack interest in returning to factory jobs, and higher wage demands could undermine U.S. company profitability;

➁ Decades of outsourcing to low-cost labor markets have shifted U.S. employment toward the service sector, which now accounts for over 70% of nonfarm jobs;

➂ U.S. manufacturing employment has declined from 30% in 1950 to 8% in 2024, driven by productivity gains and globalization, with China emerging as the global manufacturing hub.

➀ Chinese exports to the US are expected to fall by 77% in 2025, according to WTO forecasts.

➁ Chinese imports are expected to increase to every other market, with the rest of North America predicted to see growth of 25 percent.

➂ The CIS region is projected to raise exports, which the WTO says is principally related to exemptions for natural resources.