Trade between the US and China has significantly increased in recent decades.

China's WTO membership produced significant disputes

Two decades after China joined, its trade practices—such as state subsidies, intellectual property disputes, and market access restrictions—have sparked accusations that it has not fully met WTO commitments of free and open trade.

How Taiwan residents view China and the US

There is widespread support in Taiwan for increased economic and political ties with the US, compared to China. This deep dive of data from the Pew Research Center breaks down how various segments of Taiwan's population perceive the US and China individually and among other Asia-Pacific countries.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions.

China joined the WTO in 2001

After 15 years of negotiation, China joined the WTO as the 143rd member. This move gave it access to the global market in exchange for commitments to economic liberalization, despite skepticism from existing members about integrating a state-controlled economy into a free-market system.

The US exported $426.3B in goods to Canada and imported $453.6B in goods from Canada in 2025.

The US apparel and textile industry was long set up to limit competition from nations in the developing world—but shifts in international trade regulation in the 1990s changed that, paving the way for the fast fashion industry to develop.

The General Agreement on Tariffs and Trade and its successor, the WTO, was formed to reduce trade barriers between nations.

Track how American tariffs have impacted different countries and industries.

The global economy runs on US dollars, with nearly 90% of international trade in 2019 being processed in US dollars.

China is now viewed more favorably than the US in a majority of 36 countries surveyed this year.

Global trade volume is roughly 45 times what it was when the General Agreement on Tariffs and Trade was founded

Since 1950, world trade values have grown nearly 410 times, mainly due to the successive tariff reductions negotiated under GATT and the WTO.

Some argue that the rising US national debt has become more important in recent months.

A short history of the China-Taiwan conflict

The relationship between China and Taiwan is a fraught one, and has been for well over a century. US involvement has only raised the stakes between the independent island country, also known as the Republic of China, and the larger country on the mainland. Here's a breakdown of the conflict between China and Taiwan over the years.

See every US state's top import partner as of 2024, with Mexico, Canada, and China being the top trade partners for 42 states.

Tariffs once fueled the US economy, historically serving as a primary source of revenue and a means to protect domestic industries.

The overall economic effect of President Trump's 2025 tariffs remains unclear

Researchers from UCLA and Yale found that tariff revenue and gains to US producers largely offset importers' costs—but the broader picture is murkier, as the trade deficit rose, manufacturing jobs declined, and 90% of tariff costs were passed through to importers rather than absorbed by foreign exporters.

China operates multiple different sovereign wealth funds, primarily backed by profits from a trade surplus

Unlike other countries that primarily use profits from natural resources, China's sovereign wealth funds are fueled by the country's mounting trade surplus. Among the two largest are the State Administration of Foreign Exchange (SAFE) fund and the Chinese Investment Corporation (CIC). China also operates the Silk Road Fund, a strategic investment initiative that backs infrastructure creation in developing countries.

An economic evaluation of US tariffs

Most economists agree that the implementation of large-scale tariffs on foreign goods would hurt both the American and global economies. This video from The Wall Street Journal explains the rationale for tariffs as a tool for domestic job creation, but explains why they may hurt the overall economy.

See a chart showing how US tariff revenue has grown in recent years.

Ranking the world’s economies: 1980 vs. 2025

The US remains the world’s largest economy, having increased its annual gross domestic product from $2.9T in 1980 to $30.6T in 2025. In 1980, China ranked seventh globally with a GDP of $304B. In 2025, China ranked second with a GDP of $19.4T.

Hear Ray Dalio talk about the growth of the Chinese economy

Dalio was an early advocate of US investment in China. While he has previously criticized the authoritarian regime, his criticism of the government has been labeled mild relative to his praise for economic growth and innovation—critics argue that he has minimized human rights violations in the country.

The GATT and its successor, the WTO, were established to lower trade barriers

Signed in 1947, the General Agreement on Tariffs and Trade began systematically reducing tariffs and trade barriers among member nations. In 1995, it was replaced by the World Trade Organization, which expanded those rules and established a formal dispute settlement system.

Listen to a podcast episode that outlines 250 years of world trade history.

The US dollar has served as the world's reserve currency for 80 years—but is its dominance coming to an end?

Since the establishment of the Bretton Woods economic system, about 90% of global foreign exchange transactions have involved USD. Although no viable alternative exists yet, the dollar's share of central bank reserves has decreased from 73% to 58% from 2001 to 2024, and President Trump's 2025 tariffs have sped up this trend.

A brief video explainer on the US 'One China' policy

Wondering what the "One China" policy means? This four-minute explainer video delves into which nations recognize Beijing as the seat of the Chinese government and which recognize Taiwan as such. Meanwhile, the United States of America views Beijing as the true government while maintaining relations with Taiwan, including selling them arms to protect themselves.

The Panama Canal boosted the US as a world power in trade, engineering, and finance

The effort proved the US could achieve grand engineering projects while granting it influence over (and benefitting economically from) a major interoceanic channel and its host country, Panama.

Read an overview of US tariff policy before the second Trump Administration

This comprehensive report from the Congressional Research Service explores the evolving role of tariffs—from a major source of government revenue to a tool for trade and foreign policy—providing insights into current practices, legal foundations, and global trade dynamics.

Policymakers make complex trade-offs when considering tariffs—while they can generate government revenue and encourage the consumption of locally produced goods, they can also lead to higher consumer prices and may negatively impact economic growth.

China vs. Taiwan, explained

Taiwan and China are separated by just 100 miles of water, but the distance between the two countries is farther than that. This 14-minute video details the history of their sovereignty dispute, and China's likelihood to use military tactics if they can't unify peacefully. The main problem there is that the United States has vowed to defend Taiwan, which could lead to an American-Chinese war.

Trump's 2025 tariffs represent a significant break from the rules-based trade order

The Trump administration imposed broad tariffs on other countries outside WTO rules in 2025, claiming that those countries had long violated trade agreements and that the US was simply leveling the playing field.

Fast fashion companies such as Temu and Shein often took advantage of the de minimis exemption, a US tariff loophole that ended in 2025.

In 2019, the US became a net energy exporter thanks to the fracking boom

The US began exporting more energy than it consumed that year, making it a net energy exporter. Energy imports have decreased every year since 2007, as improved technology has increased the number of accessible domestic oil and natural gas reserves.

China is the world’s largest importer of crude oil

China is pushing to reduce its reliance on US oil to limit geopolitical vulnerabilities. It’s rapidly becoming the world’s renewable energy superpower.

Fracking has led to an increased global oil supply, contributing to lower oil prices

Fracking technology has significantly increased how much crude oil the US produces. As more countries adopt fracking technology, there could be an increased downward pressure on prices—although fracking has been widely criticized for its negative environmental impacts.

Renewed competition between great powers is straining multilateral institutions

This analysis argues that the increasing US-China rivalry is fostering a more contested international environment—where shared rules and institutions are being challenged rather than reinforced.

Tariffs are typically paid by the importing company or organization to the US Treasury.