US trade relations have improved substantially after years of instability due to geopolitical tensions and the effects of the coronavirus pandemic.
between the two nations in response to allegations from the US government of intellectual property theft.
“The original trade war started under Trump because America was getting ripped off by the steadily increasing trade deficit that cost American workers their jobs,” FWDBONDS Chief Economist Chris Rupkey wrote in a recent note.
California and Texas export the most goods to China, with exports worth $18 billion and $22 billion, respectively.California’s goods exports to China include industrial machinery, navigational and measuring instruments, semiconductors and components, basic chemicals, and pharmaceuticals and medicines. Texas’s top goods exports include oil and gas, basic chemicals, resins and synthetic fibers, miscellaneous crops, and semiconductors and components.
On the services side, Illinois exports the most to China at $6.6 billion. The top services it exported include education, air freight and port services, royalties from industrial processes, miscellaneous financial services, and miscellaneous freight and port services. “The trade ties between the US and China have built up steadily since China became a member of the WTO in December 2001,” Rupkey said. “The current trade flows are so large that neither country can decouple from the other without suffering severe economic consequences. It took over two decades for trade flows to build to this enormous level, and it would take just as long to unwind it without causing damage.
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