President of the United States from 2017 to 2021WASHINGTON/BEIJING - As U.S. Treasury Secretary Janet Yellen tries to steady an increasingly tense relationship with China, the world's two largest economies remain tightly linked, but are showing some signs of future weakness.
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.
The decline is due to a 24% reduction in Chinese exports to the U.S., while U.S. exports to China rose 3.5% through May. U.S. officials still complain that China failed to meet its commitments to massively increase purchases of U.S. farm and manufactured goods, including aircraft, under Trump's 2020 "Phase 1" trade deal signed just before the pandemic shuttered the global economy.
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