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US imposes 104% tariffs on Chinese goods effective immediately (m.economictimes.com)

submitted 1 month ago by [email protected] to c/[email protected]

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[–] [email protected] 14 points 1 month ago (2 children)

False.

U.S. goods exports to China in 2024 were $143.5 billion, down 2.9 percent ($4.2 billion) from 2023. U.S. goods imports from China in 2024 totaled $438.9 billion, up 2.8 percent ($12.1 billion) from 2023.

https://ustr.gov/countries-regions/china-mongolia-taiwan/peoples-republic-china

[–] [email protected] 6 points 1 month ago* (last edited 1 month ago)

From your source, the last sentence is

The U.S. goods trade deficit with China was $295.4 billion in 2024, a 5.8 percent increase ($16.3 billion) over 2023.

Doesn't that confirm their assertion of a $200B+ trade deficit or am I confused? I'm not particularly economics savvy.

Edit: derp, I reversed the meaning of their comment, they thought the US has the deficit. They got it backwards!

[–] [email protected] 2 points 1 month ago (1 children)

What you just posted indicates there is actually a $300 billion deficit with China, which makes their point even more pronounced. China has much more to lose in terms of wealth from trade with the US.

Trump is still a dumbass and we're all the losers in this fiasco though. There are legitimate benefits to trade and sometimes things shouldn't be even.

[–] [email protected] 1 points 1 month ago

What is with the down votes? The trade deficit is literally $295 billion for 2024.