China’s goods exports to the U.S. to rise 6% in 2022
China‘s exports of goods to the United States recorded a 6.3% growth at an annual rate in 2022, to $536.754 billion, the Commerce Department reported Tuesday.
This gave China a 16.5% share of total U.S. imports of goods, or 1.3 percentage points lower than in 2021.
In 2018, following the inaugural meeting of the U.S.-China Comprehensive Economic Dialogue (CED), the U.S. Administration indicated that it would pursue a new approach to the U.S. relationship with China.
One of the ways in which that new approach was evidenced was the investigation by the White House Trade Representation (USTR) of Chinese acts, policies, and practices related to technology transfer, intellectual property, and innovation under Section 301 of the Foreign Trade Act of 1974, which resulted in the imposition of tariffs by the United States on Chinese imports beginning in June 2018.
The US and China then concluded an economic and trade agreement in January 2020, known as the Phase One Economic and Trade Agreement (Phase One Agreement).
In October 2021, USTR outlined its new strategic approach or vision for the U.S.-China trade relationship.
The main elements are to review with China its performance under the Phase One Agreement, initiate a targeted tariff exclusion process, raise concerns about state-centric and non-market trade policies and practices, use the full range of tools to address those concerns, and continue to work with allies to define new fair trade rules for the 21st century.
China ranked first among the largest exporters of goods to the United States, followed by Mexico ($454.93 billion) and Canada ($437.729 billion).
The United States is party to 14 free trade agreements (FTAs) covering trade with 20 countries.
The major new development during the period under review was the conclusion and implementation of the revised agreement with Canada and Mexico, the so-called Treaty between Mexico, the United States and Canada (USMCA), which entered into force in July 2020.