Einar H. Dyvik
Research expert covering Nordics and global data for society, economy, and politics
China-U.S. trade relations - statistics & facts
Just a month after sitting in the Oval Office, the second- time U.S. President Donald Trump reignited his trade war with China. In early 2025, the Trump administration implemented a new round of tariffs on Chinese products, which was promptly met with retaliation from Beijing. As of April 2025, the U.S. and China have each imposed exorbitant tariffs on each other’s imports, affecting nearly 100 percent of bilateral trade.
Nevertheless, there may be a glimmer of hope on the horizon. Following a weekend of high-stakes trade negotiations, both countries agreed on May 12, 2025, to temporarily reduce import tariffs for a period of 90 days. China agreed to lower its tariffs on U.S. goods to 10 percent, while the United States planned to reduce its tariffs on Chinese imports to 30 percent.
In 2024, China’s merchandise trade surplus stood at close to one trillion U.S. dollars, of which more than 360 billion came from trade with the United States. As a result of China’s industrial upgrading strategy, labor-intensive manufactured goods no longer dominated the country’s exports. Instead, high-tech products like cell phones and computers emerged as leading exports to the United States. Conversely, China’s main imports from the U.S. included soybeans, civilian aircraft, and pharmaceutical preparations.
In early 2021, just a week before President Joe Biden’s inauguration, the United States and China reached an enforceable agreement aimed at restoring their strained trade relations. While the trade conflict between the two nations was temporarily eased, it fell to another low following the onset of the Russia-Ukraine War in 2022.
In February 2025, President Donald Trump kicked off round two of his trade war with China by implementing an extra 10 percent blanket tariff on all Chinese imports. The conflicts quickly escalated as Beijing retaliated swiftly. Estimates indicate that Trade War 2.0 will have a detrimental impact on both economies, undermining GDP growth and driving the unemployment rates higher.
Nevertheless, there may be a glimmer of hope on the horizon. Following a weekend of high-stakes trade negotiations, both countries agreed on May 12, 2025, to temporarily reduce import tariffs for a period of 90 days. China agreed to lower its tariffs on U.S. goods to 10 percent, while the United States planned to reduce its tariffs on Chinese imports to 30 percent.
Bilateral trade between China and the U.S.
Despite frequent tensions and fierce competition, China and the United States, as the world’s two largest economies, have developed strong economic ties over the past decades. In 2024, China exported more than 3.7 trillion yuan- worth of goods to the United States, making it the country's second-largest export destination. Meanwhile, China remained the United States' third-largest trading partner and second-largest source of imports.In 2024, China’s merchandise trade surplus stood at close to one trillion U.S. dollars, of which more than 360 billion came from trade with the United States. As a result of China’s industrial upgrading strategy, labor-intensive manufactured goods no longer dominated the country’s exports. Instead, high-tech products like cell phones and computers emerged as leading exports to the United States. Conversely, China’s main imports from the U.S. included soybeans, civilian aircraft, and pharmaceutical preparations.
The Sino-U.S. trade tensions
In July 2018, the Trump administration initiated a 25 percent tariff on Chinese goods worth 34 billion U.S. dollars, marking the beginning of a trade war. Several rounds of more tariffs and retaliation followed throughout the next years.In early 2021, just a week before President Joe Biden’s inauguration, the United States and China reached an enforceable agreement aimed at restoring their strained trade relations. While the trade conflict between the two nations was temporarily eased, it fell to another low following the onset of the Russia-Ukraine War in 2022.
In February 2025, President Donald Trump kicked off round two of his trade war with China by implementing an extra 10 percent blanket tariff on all Chinese imports. The conflicts quickly escalated as Beijing retaliated swiftly. Estimates indicate that Trade War 2.0 will have a detrimental impact on both economies, undermining GDP growth and driving the unemployment rates higher.
