U.S.-China trade tensions are escalating again, reminiscent of Trump’s first term in office. Following the United States’ move to place a 10 percent tariff on all Chinese products last week, Beijing has responded with 15 percent duties on U.S. coal and liquefied natural (LNG) products and 10 percent duties on U.S. crude oil, agricultural machinery and large-engine cars, effective as of Monday. The U.S. has now also announced plans to impose a 25 percent tariff on imports of steel and aluminium. Trump said he plans on enforcing reciprocal tariffs on other countries too, but has not stated which those will be yet.
After having looked at U.S. imports from China, the following chart considers the reverse relationship: What China imports from the U.S. Data from the United States’ International Trade Administration shows that the U.S. exported around $143.5 billion worth of goods to China in 2024. The category worth the most was electric machinery and sound equipment at $15.3 billion (up 31 percent from 2023). Aerospace products also saw a substantial increase year-on-year, up 69 percent to $11.5 billion in 2024. Meanwhile, mineral fuels and oilseeds and grains saw declines of 26 percent and 15 percent, respectively, since 2023. The U.S. has a trade deficit with China, meaning it imports more from China than it exports.
Speaking on the issue of a potential trade war escalation, Chinese Foreign Ministry spokesman Guo Jiakun told a news conference in Beijing on Monday: “Let me stress that trade and tariff wars have no winners and undermine the interests of both Chinese and American peoples. What is needed now is not more unilateral tariffs but dialogue and consultation based on equality and mutual respect. We urge the U.S. to correct its wrongdoing and stop politicizing and weaponizing trade and economic issues.”
