资产配置专题：价值链视角：中美贸易新变局

Group 1 - The report highlights a significant shift in the US-China trade dynamics since the implementation of Trump's tariffs, with the share of US imports from China dropping from 21.6% in 2017 to 13.4% in 2024, indicating a rapid "de-China-ization" trend [11][13][31] - Conversely, China's exports to the US have increased by 22% from 2017 to 2024, with the export value rising from 429.8 billion USD to 524.7 billion USD, showcasing a contrasting trend in trade statistics [11][12][31] - The report notes that the indirect value added from China in US imports has grown significantly, from 75.3 billion USD in 2017 to 148.9 billion USD in 2024, a 97.7% increase, indicating resilience in the value chain despite direct trade reductions [26][27][31] Group 2 - The analysis indicates that the US's attempts to decouple from China have not significantly reduced the overall trade linkages, with the indirect trade connections through value chains largely compensating for the decline in direct trade [4][31][32] - The report discusses the impact of Trump's tariffs on global supply chains, particularly highlighting that labor-intensive products, which are most affected by tariffs, are the least likely to return to the US [5][37][41] - It emphasizes that the diversification of supply chains is becoming essential for US importers to mitigate tariff risks, particularly in labor-intensive industries, which are expected to accelerate their dispersal [5][48][50]