This report explores the latest comprehensive data available on exports of both US goods (2024) and services (2023) to China as well as the American jobs they support. This data does not reflect US and Chinese tariff increases enacted so far in 2025, which are expected to significantly reduce US exports if they remain in place.
Despite heightened tensions between the United States and China and the beginning of a pandemic-induced global recession in 2020, US goods exports to China rebounded after two years of tariff increases on both sides.
The Chinese government has set its sights on reforming its several-trillion-dollar public procurement environment to offer greater transparency and equal treatment to foreign companies, building on improvements over the last decade.
Despite a US presidential transition in 2021 and the beginnings of an economic recovery in both the United States and China, tensions in the bilateral relationship have only intensified since USCBC published its last annual member survey report.
In 2020, the global economy underwent significant shifts, and the US-China commercial relationship was no exception.
The US has benefited from trade and investment flows with China. The combination of bilateral trade, investment, and supply chain integration has supported economic growth, consumer choice, and job creation.
Over the past two years, tariffs and an uncertain business environment have prompted precipitous declines in US exports to China that have not been fully made up by export growth to other markets.
The past year has been one of victories, pitfalls, and surprises in US-China relations. Several of the most defining moments took place in the trade sphere, having a profound impact on US companies that do business in China.
Four months have passed since the United States and China signed the Phase One trade agreement. China has already followed through on several commitments, including liberalizing a range of agriculture policy restrictions, releasing policies according to its intellectual property (IP) commitments, and raising equity restrictions to give foreign companies new access to China’s financial markets.
Over the past two years, tariffs and an uncertain business environment have prompted precipitous declines in US exports to China that have not been fully made up by export growth to other markets.
On January 15, 2020, President Donald Trump and Vice Premier Liu He signed a Phase One trade agreement between the United States and China, cooling a near two-year tit-for-tat tariff escalation. The agreement locks both countries into commitments on several issues of importance to USCBC and our members.
