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US-China trade deficit reached $295 billion in 2024, with the US importing $439 billion worth of Chinese goods compared to exporting $143.5 billion. President Donald Trump aims to shrink this gap by imposing 145% tariffs on Chinese goods, making them pricier and less competitive in the US market. China has retaliated with 125% levies on US goods, sparking a tit-for-tat escalation.
The trade war uncertainty affects everyday items like smartphones, semiconductors, and clothing. China's Ministry of Commerce has vowed to "fight to the end," accusing the US of violating WTO rules.
#TradeWar USTradePolicy #ChinaUSRelations Tariffs# #GlobalEconomy TradeDeficit #WTO