China’s position as the United States’ biggest trading partner shows the importance of strong cooperation between the two countries.
Two-way trade (the total of imports and exports) between the US and China was $US579 billion in 2016, followed by Canada ($US545 billion) and Mexico ($US525 billion).
There’s a steep fall in value outside of the top three trading partners. This chart from Citi shows the rankings:
Trade relations between the US and China have come under increased scrutiny since the US election.
Following meetings with Chinese leader Xi Jinping in early April, Donald Trump backtracked from his campaign pledge to label China a currency manipulator.
In its twice-annual report on foreign exchange (forex) last Friday, the US Treasury said China did not meet its criteria to be labelled a currency manipulator.
It did, however, place China on a “Monitoring List” of countries whose currency policies warrant extra attention.