WASHINGTON—The escalating trade war between the world’s two largest economies has turned into a boon for countries such as Vietnam, as companies increasingly switch to alternative suppliers.
Vietnam is by far the biggest winner, having gained 7.9 percent of its gross domestic product (GDP) from trade diversion from both the U.S. and China tariffs, according to an analysis by Japanese investment bank Nomura. Vietnam is trailed by Taiwan, which has gained 2.1 percent of its GDP from import substitution.
