Vietnam tops list of biggest winners from U.S.-China trade war

The Southeast Asian nation, which shares a border with China, gained orders from trade diversion on tariffed goods equal to 7.9% of gross domestic product in the year through the first quarter of 2019, according to a study by Nomura Holdings Inc. economists Rob Subbaraman, Sonal Varma and Michael Loo. Taiwan is a distant second among the winners, with gains equivalent to 2.1% of GDP. Both economies gained far more from U.S. tariffs on China than from Chinese duties on the U.S.

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American and Chinese orders for more than half of the 1,981 tariffed products in the U.S.-China trade dispute thus far have been re-routed, upending the winners and losers in the global supply chain, the analysis shows.

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