Trade between the US and China topped $582 billion in 2024
In further escalation to the ongoing trade war, China retaliated to US tariffs by raising duty on American imports to 125%.
According to the Chinese tariff commission, it would be the last time it matched the tax in the continuous tit-for-tat tariffs, even if Trump raises the levy further, adding it would be “economically meaningless” and would be seen as “a joke in the history of the world economics.”
The White House recently confirmed that Trump’s tariffs on China have reached 145%.
Trade between the world’s two biggest economies topped $582 billion in 2024, but it could drop by half if things don’t cool off.
China bought $143.5 billion in US goods, including soybeans, aircraft and petroleum, last year.
Beijing is discussing targeting tariffs on American services and limiting Hollywood movies. It has warned citizens against studying or traveling to the US.