The era of hyperglobalisation has given way to a more fractured trade policy landscape. This column uses detailed US import data over 2013-2025 to analyse the scope, pace, and composition of the reallocation in US trade. Despite a decline in direct imports from China, the authors document rising total US merchandise imports, with limited diversification beyond top trading partners. US tariffs on China led to both the cessation of imports of some products, as well as reduced volumes among