Over the last decade the economic relationship between China and the U.S. has grown more adversarial. For instance, last year the Biden Administration took steps to deny China’s ability to import computer chips used in AI applications, and earlier this year it moved to limit the imports of Chinese EVs into the country. Also, both Presidents Biden and Trump frequently used Section 301 authority to impose tariffs on hundreds of billions of dollars of imports.
These actions, along with a variety of others, have collectively served to reduce trade between the two countries. China’s exports to the U.S. fell over ten percent in 2023, and appear to be on pace to decline again in 2024. With Donald Trump having indicated he would increase tariffs if he is re-elected, the diminution of trade between the two countries seems destined to continue.
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