U.S. Trade is Falling With China—but Surging With Taiwan and Vietnam

Key Takeaways

• The U.S. and China have decreased total trade by almost $50 billion, when comparing the first quarter of 2026 to the first quarter of 2025.
• Trade with Ireland has also plummetted. Pharmaceutical exports surged in 2025 in anticipation of potential tariffs and normalized in 2026.
• Trade with Taiwan has increased the most amid U.S. demand for semiconductors and servers.
• As companies relocate away from China to avoid tariffs, trade with Vietnam has also increased.