China's exports to the US have plunged. Apollo's top economist said recently that the US could see empty shelves and a tariff-fueled recession by summer.

China’s exports to the United States tumbled in April while its trade with other economies surged, suggesting that President Donald Trump's tariffs offensive is hastening a shakeup in global supply chains.

The drop in U.S.-bound shipments was offset by a surge in Chinese goods to Southeast Asia, Africa, Europe and Latin America.