On this episode of Guide to the Global Economy, Josh and Neils take a look at the latest data on manufactured goods exports to the US—cell phone and car parts, for example. Surprisingly, Chinese exports to the US have decreased nearly 2.5 percent between 2021 and 2022. Meanwhile exports from Vietnam, India, Mexico, Thailand and Taiwan to the US have shown corresponding growth. On the face of it, it seems like US friend-shoring is working, but there may be more to the story. Are Chinese companies simply shifting their production to countries with cheaper labor and subject to fewer US tariffs? Josh and Neils dig into the numbers.

And what's next for Argentina, BRICS, and the IMF? Alisha fills us in on Argentina's dollar shortage, Sergio Massa's meeting with the New Development Bank, and shares her skepticism about the bank's proposed gold-backed currency.