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In its 2023 annual report, the USCC stated that "China now appears to view diplomacy with the United States primarily as a tool for forestalling and delaying U.S. pressure over a period of years while China moves ever further down the path of developing its own economic, military, and technological capabilities." [13]
United States trade deficits from 1997 to 2021. Deficits are over 50 billion dollars as of 2021 with the countries shown. Data from the US Census Bureau.. The balance of trade of the United States moved into substantial deficit from the late 1990s, especially with China and other Asian countries.
An economic conflict between China and the United States has been ongoing since January 2018, when U.S. president Donald Trump began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to what the U.S. says are longstanding unfair trade practices and intellectual property theft. [1]
The annual survey by the American Chamber of Commerce (AmCham) in China showed 51% of respondents were concerned about a future deterioration in the U.S.-China relationship.
Reuters reported in July that the U.S. planned to unveil a new package of export controls on China, including adding about 120 Chinese entities to its restricted trade list.
World map by net trade in goods (current US$), 2023, according to World Bank. This is a list of countries by net goods exports, also known as balance of trade, which is the difference between the monetary value of a nation's exports and imports over a certain time period. [1]
A 2023 review of existing economic research concluded that US-China trade since the early 2000s caused aggregate welfare gains in both countries; had winners and losers in the US; and was not a leading cause of manufacturing employment decline in the US. [12] Experts have argued that the China trade shock has ended.
Additionally, according to the World Semiconductor Trade Statistics (WSTS) and the Semiconductor Industry Association (SIA) estimates, China accounted for 35 percent of the global semiconductor market in 2021, taking the spot for the largest single-country market. [6]