Correct, but if you factor in manufacturing, China is still ahead. A lot of stuff is “Assembled” in Mexico and the US but the assembly still often originates in China.
EDIT:
To clarify. Components are manufactured in China and then shipped to NAFTA Countries for final assembly and QC
Correct, but if you factor in manufacturing, China is still ahead. A lot of stuff is “Assembled” in Mexico and the US but the assembly still often originates in China.
EDIT: To clarify. Components are manufactured in China and then shipped to NAFTA Countries for final assembly and QC
https://link.springer.com/chapter/10.1007/978-981-99-6248-8_6
https://www.chicagofed.org/publications/blogs/midwest-economy/2019/what-do-we-know-about-the-origin
https://princemanufacturing.com/inclusive-rules-of-origin-in-mexico-five-things-you-need-to-know/