Despite diplomatic spats between the U.S. and China, trade between the two is now actually better than ever.
According to official data out of the U.S. – two way trade between these global superpowers set a new record last year, totalling USD$690 billion.
Of that, $536.8 billion came from U.S. imports from China – highlighting how much U.S. shoppers are spending on Chinese goods.
The rest of the total – approximately $150 billion – is made up of U.S. exports out to China, with a large share of that related to agricultural goods.
This record trade data is especially surprising considering that Washington and Beijing are still locked in a trade war which has been ongoing since 2018.
The jump in trade figures can partly be attributed to surging global inflation – but this new information also highlights how important the trading relationship is between the U.S. and China.
These surprising trade figures come amidst a backdrop of renewed tensions between Washington and Beijing.
U.S. intelligence officials have revealed the balloon which was shot down last weekend was being used by the Chinese military as a spying device.
The balloon is being examined after debris from it was collected from the sea.
China still maintains that it was a civilian airship used to monitor the weather.
As the U.S. and China struggle to find a way to get their relationship back on track, the jump in trade between the two of them is a strong reminder of how important that relationship is.
