The initial round of tariffs imposed by the US government on China imports earlier this year has started to make significant and demonstrable impacts on global trade, according to analysis released by PwC last week.

The July edition of PwC’s Global Economy Watch highlighted that US imports from China fell by around 15% year on year in the first quarter (Q1) of 2019. This fall has created opportunities for other regional trading partners, with imports to the US from a group of eight other Asian economies–Bangladesh, India, Indonesia, Malaysia, South Korea, Taiwan, Thailand and Vietnam–growing by more than 16%.

The July edition of Global Economy Watch also evaluates concerns about the risk of another global recession, as trade tensions impact on business sentiment and demand for exports. In a special report on global energy, PwC has also found that the world economy is using energy much more efficiently in the creation of economic growth.