China's exports to the US have plunged. Apollo's top economist said recently that the US could see empty shelves and a tariff-fueled recession by summer.

China’s exports to the United States tumbled in April while its trade with other economies surged, suggesting that President Donald Trump's tariffs offensive is hastening a shakeup in global supply chains.

Shipments of goods to the United States plunged by 21 percent in April, but spiked to Asia as President Trump imposed sky-high tariffs on China.