One of the critiques of the Trump administration’s tariff policy on China is that while it raises the cost of doing business in one low-cost country, it just pushes multinationals to do business in another.

Some evidence has emerged that companies have taken business elsewhere after the 25% tariffs imposed on $200 billion of Chinese goods. According to data from UBS, the first $50 billion of Chinese goods subject to the 25% tariff rate saw a 30% nosedise in exports, and the market share of Chinese exports saw the biggest decline in years.