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We have stories about firms leaving China, but that was happening before tariffs were applied because Chinese labor and land costs have been rising. Now we have more stories but no documentation that' many' firms are leaving, given the huge number of foreign firms operating in China. And we certainly don't have evidence that a large number of firms are returning production to The US, i think it's untrue to say that companies are leaving China, though it's possible that a handful may have done. What has been happening on a significant scale is that many firms have been moving, or plan to move, some of their supply chain operations out of China to avoid tariffs, and or to go to places where they sense greater political and policy stability.

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