As a result of Trump’s trade war, US foreign trade deficit against China, its biggest trade partner, decreased by 12 percent in the first quarter of this year to $ 79.9 billion.
With the U.S. President Donald Trump’s trade war against China, the foreign trade gap between the two countries is changing in favor of the US.
Since his election, Trump had been saying that China has been unfairly in many ways, including currency manipulation and trade with the United States, which has harmed the US economy. As a result of the customs tax imposed on Chinese products, the foreign trade deficit of 91.1 billion dollars against China in the first quarter of 2018 decreased to 79.9 billion dollars in the same period of this year.
The US-China commodity trade deficit, which was $ 273 billion in 2010, reached $ 419.2 billion by the end of 2018, an increase of 5.5 percent each year, while the US is giving out two-thirds of its foreign trade deficit against China.
In March 2018, the US started a trade war against China by increasing the rate of customs applied to solar panels and aluminum imported from China in order to bring down the foreign trade deficit against China.
The United States, which has implemented a tariff of 10 to 25 percent on its imported 250 billion dollar product during the period ahead, plans to obtain $ 100 billion of customs duty from products imported from China, according to a tweet shared by Trump.
According to information collected from the Office of the United States Population Bureau and Foreign Trade Representative Office, US foreign trade volume in 2018, 5 trillion 600 billion dollars, while the biggest trade partner with China, the goods trade at the end of 2018 rose to $ 659.8 billion.
In this period, the US exports 120.3 billion dollars of goods to China. China’s exports to the US was 539.5 billion. The US-China commodity trade deficit, which was $ 273 billion in 2010, reached $ 419.2 billion at the end of 2018, an increase of 5.5% annually.
China has about 12 percent of the total trade of the U.S., while the U.S. holds two-thirds of its foreign trade deficit against China.
China, which is the third largest export market in the United States, exported the product that corresponds to one-fifth of the US imports last year.