The drop-off in bookings could lead to empty store shelves this summer as retailers deem China-made goods too expensive to import.

U.S. Treasury Secretary Scott Bessent predicted on Tuesday that China could lose 10 million jobs quickly due to tariffs and that Beijing will see over time that Chinese tariffs are not sustainable.

Companies like Alibaba that built China’s world-leading online shopping sector are now helping its sellers find markets beyond the United States.