The U.S. goods trade deficit with China was $295.4 billion in 2024, a 5.8 percent increase ($16.3 billion) over 2023.

China's move to impose 84% retaliatory tariffs against the United States is unfortunate and a losing proposition for Beijing, U.S. Treasury Secretary Scott Bessent said on Wednesday.

As tensions between the world’s two biggest economies — and geopolitical rivals — have risen over the past decade, Mexico and Canada have supplanted China as America’s top

President Donald Trump’s rapid-fire trade war has set in motion a commercial rupture without precedent, which is rippling through the global economy in unpredictable and costly ways. The triple-digit taxes that the president has imposed on Chinese products — and China’s retaliatory measures — are expected to shrink trade between the world’s two largest economies from a recent annual peak of nearly $700 billion to almost nothing.