Introduction  1

US Tariffs Reduced Bilateral Imports from China  6

US Tariffs on China Rearranged US Import Sourcing  8

Exporters Gaining US Market Share Increased Their Imports from China  10

Value-Added Imports as a Measure of US Trade Dependence on China  14

America's Indirect Exposure to Chinese Exports Has Increased  17

Through Which Third Countries Does Chinese Value Flow?  21

Vietnam and Mexico Play Different Roles in Supply Chain Adjustment to US Tariffs  24

Implications for Trade Policy  33

References  41