Where once goods would flow directly from China to the US, there's evidence to suggest many of them are instead flowing, mostly in the form of components, to "third countries", including Mexico, and then being assembled into finished products and sent into the US.
While the president has talked repeatedly about how the tariffs will deter Mexico and Canada from sending opioids into the US, a more compelling explanation comes when you look at the American trade data.
Meanwhile, imports from Mexico and Canada have risen sharply, with Mexico now overtaking China as the biggest importer into the US.
Nonetheless, if you view the world that way, you won't like the look of the US trade position with Mexico.
If there's one thing Donald Trump hates, about as much as he loves tariffs, it's trade deficits - where you import more goods from a country than you export.
