U.S. goods and services trade with China totaled an estimated $758.4 billion in 2022. Exports were $195.5 billion; imports were $562.9 billion. The U.S. goods and services trade deficit with China was $367.4 billion in 2022.
United States Treasury Secretary Janet Yellen has stressed the need for “healthy economic relations” between China and the US while pressing Beijing to crack down on Chinese firms assisting Russia’s war in Ukraine.
Yellen said Washington did not seek to decouple the US and Chinese economies, but President Joe Biden’s administration would not shy away from unilateral action against Chinese firms that supply defense equipment to Moscow.
“We do not seek to decouple our economy from China’s,” Yellen told reporters after a two-day meeting with Chinese Vice Premier He Lifeng in San Francisco.
“This would be damaging to both the US and China and destabilizing to the world.”
Yellen said that Treasury has seen evidence of Chinese firms and banks “facilitating” the flow of equipment to Moscow and they would face “significant consequences”.
“We are concerned that in spite of sanctions programs that we’ve put in place, that equipment that is critical to Russia’s military effort is nevertheless evading sanctions and being delivered to Russia,” she said, adding that she was not accusing the Chinese government of complicity.
Yellen added that she had accepted an invitation from He to return to China next year as part of a “regular cadence of contact” between the economic leaders.
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