What is the trade deficit with China in 2020?
The U.S. goods trade deficit with China was $310.3 billion in 2020. Trade in services with China (exports and imports) totaled an estimated $56.0 billion in 2020.
What are the major exports of China?
China’s Top 10 Exports
- Electrical machinery, equipment: US$710.1 billion (27.4% of total exports)
- Machinery including computers: $440.3 billion (17%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $109.4 billion (4.2%)
- Plastics, plastic articles: $96.4 billion (3.7%)
Which president opened free trade with China?
Today, the U.S. has an open-trade policy with China, which means goods are traded freely between the two countries, but it wasn’t always this way. On February 21, 1972, President Richard M. Nixon arrived in China for an official trip.
What is the US trade deficit with China?
But American demand for imports from China also surged, and the U.S. deficit with China widened 14.5 percent from the previous year to reach $355.3 billion. Mr. Trump’s defenders have said that the trade deficit with China had been falling until the pandemic hit.
Who is China’s largest trading partner?
List of largest trading partners of China
|Rank||Country / Territory||Total trade|
Does China have a trade surplus or deficit?
China’s trade surplus reached $94.5 billion in December, breaking the record of $84.5 billion, set in October. The country’s trade surplus for all of last year climbed to $676.2 billion.
What are the current tariffs on China?
Furthermore, tariffs are to be raised from 25% to 30% on the existing $250 billion worth of Chinese goods beginning on October 1, 2019, and from 10% to 15% on the remaining $300 billion worth of goods beginning on December 15, 2019.
What raw materials does China import?
China’s Top Imports
- Crude petroleum – $208 billion.
- Iron ore – $59.2 billion.
- Petroleum gas – $44.2 billion.
- Gold – $36.9 billion.
- Soybeans – $33,8 billion.