Topline
While the Biden Administration considers restricting American investment in China, trade between the two countries continued to expand, particularly in these key areas.
Cargo containers unloaded at UK port (Photo by Daniel Berehulak/Getty Images)
Key Facts
Concern over China’s military and economic power have surged on Capitol Hill after a Chinese surveillance balloon flew over the country last week.
Facing bi-partisan calls from Congress to prevent more Chinese surveillance, President Biden is expected to announce long-anticipated restrictions on American investment in China within the next two months, reports the New York Times.
U.S. imports from China went up 6.3% from 2021-2022, according to the Commerce Department, despite rising political tensions.
American exports to China went up 1.6% in 2022.
President Biden has tried to curb Chinese imports by maintaining some Trump-era tariffs on Chinese goods, pumping money into domestic industries, like semiconductor production, to make them more competitive, among other strategies.
Top 10 Most-Imported Products From China
- Smartphones ($50.2 billion)
- Automatic digital processing machines ($49.2 billion)
- Wheeled toys, inflatable balls, puzzles and scale models ($16.3 billion)
- Video game consoles and console parts ($10.2 billion)
- Machines to transmit, convert and receive voices, images and other data ($8.5 billion)
- Lithium ion batteries ($7.3 billion)
- Monitors for automatic data processing machines ($7 billion)
- Pharmaceuticals in pre-measured doses ($6.9 billion)
- Accessories for computers and other data processors ($6.8 billion)
- Plastic items ($4.6 billion)
Surprising Fact
Fox fur and tanned reptile skins were among the least-imported goods from China at $429 and $729, respectively.
Further Reading
Here Are All The U.S. Sanctions Against China (Forbes)
Source: https://www.forbes.com/sites/emilywashburn/2023/02/10/us-trade-with-china-actually-increased-last-year-here-are-the-10-top-imported-items/