"The global trading map is being rapidly redrawn, with EU-U.S. trade and investment in U.S. rising sharply as economic ties between the West and China are subjected to critical scrutiny. This year, the U.S. has imported more goods from Europe than China – a big shift from the 2010s, "
And if the EU plus U.K. deindustralizes and can't afford fertilizer for their farms that "importing more goods" from them is likely to reverse. They could even become even less reliable than the PRC.
According to the fine article there's more going on, Vietnamese exports are also suffering, a likely big factor is demand destruction from much of the world going into recession. Going back to my energy theme and this is also hitting the US, households paying a lot more for energy have less money for goods made in East Asia.
The other interesting data point is:
"Germany’s exports to the U.S. were almost 50% higher in September year over year. Germany’s mechanical engineering sector has boosted its exports to the U.S. by almost 20% in a year over year comparison of the first nine months of 2022, according to Project 44."
Huawei and ZTE can't build competitive 5G radios without chips from Taiwan, South Korea or the USA, all of which refuse to sell to companies on the Named Entities List that the USA maintains.
For Chinese origin electronics we also have to do due diligence now for many clients to show the companies that manufactured or are part of the supply chain for said electronics have no links to any named entities, otherwise the customer is violating the law :(