“Bloomberg had a good article today on the strength of trade between the US and China. The article doesn’t mention the amount of revenue generated by US companies in China from goods sold from plants based in China. That revenue isn’t considered “trade” since it isn’t put on a boat. I would recommend seeing the US-China Business Council report on US exports by state. Clean technology plays such as metals, solar, wind, and the EV ecosystem outperformed in both China and Hong Kong."