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Expand chart
Reproduced from Institute of International Finance; Chart: Axios Visuals

China imported far fewer goods from the U.S. once the first round of tariffs took effect last July and the country retaliated.

Between the lines: The trade war is to blame for the slowdown, but interestingly imports of U.S. goods that weren't subject to tariffs slowed too when the trade war began.

What's happening: According to new research by the International Institute of Finance, this dynamic is proof that non-tariff measures were also contributing to the decline of U.S. exports to China.

"[This explains] why the US trade deficit with China grew last year. China's retaliation more than offset the impact of U.S. tariffs," IIF Deputy Chief Economist Sergi Lanau and Head of China Research Gene Ma argue.

  • Early on in the trade war, there were concerns that China would retaliate not with tariffs, but with other tactics — including canceling orders for U.S. goods.

Bonus: China is turning to other countries for imports of "animal, vegetable, paper, and mineral products" it used to get from the U.S., Lanau and Ma write.

  • Russia and Brazil are among the countries benefiting most.

Go deeper:

Go deeper

House passes $1.9 trillion COVID relief package

Photo: Screenshot via C-SPAN

The House approved President Biden's $1.9 trillion COVID relief package on a 219-212 vote early Saturday morning, sending it to the Senate for a possible rewrite before it gets to Biden's desk.

The big picture: The vote was a critical first step for the package, which includes $1,400 cash payments for many Americans, a national vaccination program, ramped-up COVID testing and contact tracing, state and local funding and money to help schools reopen.

7 hours ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: FDA advisory panel endorses J&J COVID vaccine for emergency use — About 20% of U.S. adults have received first vaccine dose, White House says — New data reignites the debate over coronavirus vaccine strategy.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.