Despite talk of U.S.-China economic de-coupling, recent data show a trade relationship that is fundamentally solid, and rebounded in 2022 from five years of turmoil wrought by a trade war and COVID-19 disruptions.
Two-way trade hit a record $690 billion last year as U.S. demand for Chinese consumer goods rose and Beijing's demand for U.S. farm products and energy grew.
U.S.-China trade had fallen after 2018, when former President Donald Trump imposed tariffs of up to 25% on some $370 billion in Chinese imports, but began to rebound during the COVID recovery of 2021.
Reuters Graphics"I think it is important that people realize that business and politics are separate," said Michael Hart, president of the American Chamber of Commerce in China.
"The current state of U.S.-China trade and investment is the result of 30 to 40 years' worth of ongoing trade and investment."
Persons:
Janet Yellen, Donald Trump, Michael Hart, William Reinsch, America's COVID, Wang Huiyao, Biden, Hart, David Lawder, Joe Cash, Heather Timmons, Jamie Freed
Organizations:
U.S, Treasury, Reuters, American Chamber of Commerce, Census, Center for Strategic, International Studies, Center for, EV, U.S . Congress, Thomson
Locations:
WASHINGTON, BEIJING, China, U.S, Washington, Center for China, Beijing, United States, CHINA