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US-China Trade Cools Amid Shifts in Trading Patterns

China Market Intelligence Bowei Wang

Key Takeaways

  • US-China trade in goods decreased 16.7 percent to $575 billion in 2023.
  • The cool-down in bilateral trade far exceeded that of US-worldwide trade, given shifts in trading patterns driven by economic and geopolitical factors.
  • The US trade deficit with China decreased to its lowest level since 2010, and Mexico overtook China to become the number one source of US imports.

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