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. Tariffs have done little to curb Chinese importsIndeed, between April and November of last year, the U.S. saw 59,000 fewer manufacturing jobs. 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.