The United States bought $439 billion or $439 billion worth of goods from China in 2024. In return, they sold $143.5 billion or $143.5 billion worth of goods to China. The difference of $295 billion or $295 billion between buying and selling is the trade deficit between the two countries.
To address this deficit, US President Donald Trump has increased tariffs on Chinese goods to 145 percent. This means that Chinese goods that will now be sold in the United States will now have to be paid 2.45 times more than the original price. As a result, Chinese goods will now be more expensive in the US market. As a result, Chinese goods will now lose their competitiveness in the US market. China is not sitting still; they have also imposed a 125 percent tariff on US goods.
What will happen due to this policy of 'hitting bricks instead of stones' between the world's two largest economies is the creation of uncertainty in global trade. As a result, the prices and production costs of everything from smartphones to semiconductors and clothing will increase.
China's Ministry of Commerce has said that they will not give up. At the same time, they have accused the United States of violating World Trade Organization rules.
What does the United States sell to China
In 2024, the United States sold goods worth 143.5 billion or 143.5 billion dollars to China. The goods they sold to China were mineral oil, oilseeds, machinery and aircraft. As a single product, the United States sold the most to China was soybeans. Soybeans are mainly used as pig feed.
Let's see what other products the United States mainly sold to China in 2024:
Mineral oil (13.4 billion): Mineral oil sold to China was worth 13.4 billion or 13.4 billion dollars; this mineral was 10.7 percent of total exports.
Oilseeds and oleaginous fruits ($11.5 billion): The United States sold a total of $11.5 billion or $11.5 billion of oilseeds and oleaginous fruits to China last year.
Electrical machinery, equipment and parts ($11.5 billion): The United States sold a total of $11.5 billion or $11.5 billion of these items to China last year. This is 9.1 percent of its total exports.
Nuclear reactors, boilers and equipment ($10.5 billion): These items were sold for a total of $1.5 billion; 8.3 percent of total exports. Aircraft, spacecraft and parts ($10.2 billion): These items were sold for a total of $1.2 billion; 8.1 percent of total exports.
What does the United States buy from China?
In 2024, the United States purchased $439 billion or $439 billion worth of goods from China. The United States mainly buys smartphones, electrical appliances and chips from the country.
Electrical appliances, equipment and parts ($123.8 billion): The country bought $123.8 billion worth of goods from China last year; about 28.2 percent of total exports.
Nuclear reactors, boilers, machinery and equipment ($82 billion): The country bought $82 billion worth of these goods from China last year; 18.7 percent of total imports.
Toys, games and sporting goods ($30 billion): China bought $30 billion worth of these goods; 6.8 percent of total exports.
Plastics ($19.3 billion): The United States will buy $19.3 billion worth of these goods from China in 2024; about 4.4 percent of total exports.
Furniture, bedding and cushions ($18.5 billion): The United States buys $18.5 billion worth of these goods, or $18.5 billion; about 4.2 percent of total imports.
It appears that among the US states, California, Illinois and Texas import the most goods from China; these states import goods worth 122.76 billion or 122.76 billion dollars, 42 billion or 42.20 billion dollars and 35.9 billion or 35.90 billion dollars respectively.
Texas exports the most; they export a total of 22.5 billion or 22.50 billion dollars worth of goods to China. California is in second place; they export a total of 15 billion or 15 billion dollars worth of goods. It comes in third place with 12 billion or 12 billion dollars worth of goods.