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US-China trade hits record high despite rising tensions
Trade between the US and China hit a record high last year even as their
diplomatic relations deteriorated.
Imports and exports between the two countries totalled $690.6bn (£572.6bn) in
2022, official figures show.
Relations between the countries have hit new lows in recent days after a Chinese
balloon travelled across the US. Beijing denies US claims it was used for
spying.
The world's two biggest economies have also been in a trade war since 2018.
The new figures show that US imports from China increased to $536.8bn last year
as American shoppers spent more on Chinese-made goods, including toys and mobile
phones. In the same period, US exports to China increased to $153.8bn.
While some of the increase in trade between the two countries is a result of the
rising cost of living, the figures also point to how reliant the US and China
still are on each other even after years of trade conflict between them.
"I think it's an important indication of the difficulties of actually
decoupling," Deborah Elms, the founder of Asian Trade Centre, told the BBC.
"Even if governments, firms and consumers wanted to separate, the economics make
it difficult to deliver products in a decoupled world at a price that firms and
consumers are willing to pay," she added.
Trade between the US and China hit a record high last year even as their
diplomatic relations deteriorated.
Imports and exports between the two countries totalled $690.6bn (£572.6bn) in
2022, official figures show.
Relations between the countries have hit new lows in recent days after a Chinese
balloon travelled across the US. Beijing denies US claims it was used for
spying.
The world's two biggest economies have also been in a trade war since 2018.
The new figures show that US imports from China increased to $536.8bn last year
as American shoppers spent more on Chinese-made goods, including toys and mobile
phones. In the same period, US exports to China increased to $153.8bn.
While some of the increase in trade between the two countries is a result of the
rising cost of living, the figures also point to how reliant the US and China
still are on each other even after years of trade conflict between them.
"I think it's an important indication of the difficulties of actually
decoupling," Deborah Elms, the founder of Asian Trade Centre, told the BBC.
"Even if governments, firms and consumers wanted to separate, the economics make
it difficult to deliver products in a decoupled world at a price that firms and
consumers are willing to pay," she added.
https://www.bbc.co.uk/news/business-64563855