As Trump’s import tax plan continues to fluctuate, some U.S. companies that initially moved away from China are now reinvesting in suppliers there. The U.S. still has levies imposed on Chinese goods, but the magnitude of the taxes has fallen from the 145% imposed on Liberation Day last April. Under Trump’s recent Section 301 tariffs, China and Vietnam face a similar 12.5% tariff rate, and Cambodia, Indonesia, and Malaysia have a 10% rate. While Trump’s tariffs on China beginning in 2018 have correlated with lower rates of Chinese imports, that data point doesn’t tell the whole story, Lovely argued. For example, she explained, a tech company may expand manufacturing in India in order to dodge tariffs on China, but that facility in India may still source its components from China.