Data: USA Trade. Chart: Erin Davis/Axios Visuals
China retaliated against President Trump’s tariffs on Wednesday with a new 84% levy on exports from the U.S., threatening American jobs and industry that rely on the crucial trade partner.
Why it matters: There’s very little modern precedent for one of the largest importers of U.S. goods throwing up such a giant barrier. The full scope of the consequences for the economy are not yet clear.
By the numbers: In 2024, U.S. exported $143.5 billion worth of goods and materials to China, down 2.9% from 2023, according to the Office of the U.S. Trade Representative.
- More than 930,000 jobs were supported by U.S. exports to China alone in 2022, per a 2024 report from the U.S.-China Business Council.
- “Jobs supported by exports to China outnumber those supported by the next two Asian markets combined,” the report stated.
China was the third-largest export market in 2023 for the U.S., the report said, with oilseeds and grains as the top exports.
- By state, Texas, California and Louisiana were the top U.S. exporters to China in 2023.
- Texas saw 146% growth over the previous 10 years.
The big picture: Trump instituted sweeping tariffs in an attempt to reorder the global economy, but economists and U.S. allies have said his plan could lead to a recession.
- The tariffs went into effect on Wednesday. China now faces a 104% levy in total.
- The U.S. trade deficit with China (imports minus exports) has been larger than $200 billion since 2005, and it reached a record high of $418 billion during the second year of Trump’s first administration.
- Top U.S. imports from China in 2022 were electronics, machinery and appliances, toys and games, textiles and chemical products, according to the Council on Foreign Relations.
Go deeper: China launches massive tariff retaliation on U.S. goods
