How important is US trade with China?

It supports US jobs. American companies exported $164 billion in goods and services to China in 2019, constituting 6.5 percent of US exports. While expanding foreign trade can disrupt US employment, trade with China also creates and supports a significant number of American jobs.

What does China buy from the US?

Aircraft, soybeans, motor vehicles and microchips are top U.S. exports to China. Since 2001, the share of these exports going to China has increased sharply. Soybeans and motor vehicles are targets of recent Chinese tariffs. Production of these two exports is geographically concentrated.

What would happen if the US stopped trade with China?

Stopping trade with China would, however, cost big. The U.S. sent over $115 billion worth of exports to China last year; it also brought in over $462 billion in imports, for a trade deficit of about $347 billion. To put that in perspective, U.S. GDP last year was $18.57 trillion last year, according to the World Bank.

How much would US economy lose if US seperates from China?

BEIJING — The U.S. economy could lose more than $1 trillion worth of production and long-term global competitiveness if the White House pursues a sharp separation with China, according to a report released Wednesday by the U.S. Chamber of Commerce and Rhodium Group.

How much would tariffs on China hurt the US economy?

By 2025, $190 billion a year in in U.S. output by expanding 25\% tariffs to all trade with China. In the coming decade, full implementation of such tariffs would cause the U.S. to fall $1 trillion short of potential growth. Up to $500 billion in one-time GDP losses if the U.S. sells half of its direct investment in China.

Can the US replace everything it buys from China?

Eventually the US could replace everything it buys from China, but this would take years and would probably rely more on outsourcing to other countries or on robots than on American workers. On the Chinese side, they suddenly lose a huge portion of their export market.