US-China Trade Cools Amid Shifts in Trading Patterns

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.