Race to beat Trump tariffs sends US imports soaring

The tariffs have also provoked political tension, including retaliation from China, which responded to Trump’s move with tariffs on US goods and an anti-monopoly probe of Google, among other measures.

On Wednesday, Bloomberg reported that the country’s anti-monopoly regulator was preparing for a possible investigation into Apple’s policies and App Store fees, hitting the company’s shares.

Trump’s moves – which included ordering an end of duty-free treatment for parcels worth less than $800 – will be a major “shock” to some firms, such as Shein and Temu, as they erode the ability to offer ultra-low prices, said Mark Williams, chief China economist at Capital Economics.

But he said he thought for China overall that the effects of Trump’s tariffs would not be too damaging.

“For the wider Chinese economy, this is definitely manageable,” he said.