U.S.-China trade likely set record in 2022 despite tariffs imposed during the Trump administration

beijingwalker · Feb 6, 2023

U.S.-China trade likely set record in 2022 despite tariffs imposed during the Trump administration

By DOUG PALMER
02/06/2023 10:00 AM EST

— Goods trade between the United States and mainland China likely reached a new record high in 2022, despite increasingly chilly relations, new U.S. export controls and the lingering impact of tariffs imposed during the Trump administration.

Commerce Department data to be released Tuesday is expected to show goods trade between the world’s two biggest economic superpowers surpassed the previous record of $658 billion set in 2018.

The tally for the first 11 months of 2022 was $640 billion, putting the record well within reach when the December numbers are added in tomorrow. U.S. exports to China could exceed the 2021 record of $151 billion, while U.S. imports from China could match or exceed the 2018 record of $538 billion.

Still, there are signs that the political turbulence of the last few years is having an impact on two-way commerce. Based on data for January through November, China accounted for just 13.1 percent of overall U.S. trade in 2022, the lowest level in at least a decade and down from a peak of 16.4 percent in 2017.

The full-year data will show the U.S. trade deficit with China increased from $353 billion in 2021 but did not set a new record high in 2022.