section_path: Effects/Other countries
section_name: Other countries
paragraph_text: Other countries
  
  Economic growth has slowed worldwide amid the trade war. The International Monetary Fund's World Economic Outlook report released in April 2019 lowered the global economic growth forecast for 2019 from 3.6% expected in 2018 to 3.3%, and said that economic and trade frictions may further curb global economic growth and continue weaken the investment. U.S. economic growth has also slowed.
  
  Globally, foreign direct investment has slowed. The trade war has hurt the European economy, particularly Germany, even though trade relations between Germany and China and between Germany and the U.S. remain good. Germany and the EU have had high levels of trade with China, and the German government and public want to maintain these trade ties. The Canadian economy has seen negative effects as well. Like the U.S., Britain, Germany, Japan, and South Korea were all showing "a weak manufacturing performance" as of 2019. Several Asian governments have instituted stimulus measures to address damage from the trade war, though economists said this may not be effective.
  
  Some countries have benefited economically from the trade war, at least in some sectors, due to increasing exports to the United States and China to fill the gaps left by decreasing trade between these two economies. Beneficiaries include Vietnam, Chile, India, Malaysia, and Argentina. Vietnam is the biggest beneficiary, with technology companies moving manufacturing there. South Korea has also benefited from increased electronics exports, Malaysia from semiconductor exports, Mexico from motor vehicles, and Brazil from soybeans. Trade diversion effects have also had an impact on countries in East and Southeast Asia with Taiwan getting the largest boost. US-ASEAN Business Council CEO Alex Feldman said these countries may not benefit for long: "It's in everyone's interest to see this spat get resolved and go back to normal trade relations between the US and China." Several Taiwanese companies have been expanding production domestically, including Quanta Computer, Sercomm and Wistron, creating over 21,000 jobs. This investment led to a significant strengthening of the New Taiwan Dollar which had not been expected pre-Trade War. Nintendo has reportedly moved some Nintendo Switch production from China to Southeast Asia.
  
  The trade war has indirectly caused some companies to go bankrupt. One of them, Taiwanese LCD panel manufacturer Chunghwa Picture Tubes (CPT), went bankrupt as a result of an excess supply of panels and a subsequent collapse in prices, which was aided by vulnerability to the trade war, a slowing Taiwanese and global economy and a slowdown in the electronics sector.
  
  Through practices of trade re-routing and re-labeling, the trade war has redirected Chinese trade to the United States via ASEAN.: 45–46
  
  Following the tariffs implemented by President Trump in 2025, China decreased its oil imports from the United States by 90% and increased its oil imports from Canada.