The United States bought $439bn worth of goods from China in 2024 – more than three times the $143.5bn it sold in return. That $295bn gap, known as the trade deficit, is something US President Donald Trump is determined to shrink.
In an effort to close the gap, Trump has raised tariffs on China to 145 percent. This means Chinese goods sold to the US are now taxed at 2.45 times their original price, making them much more expensive and less competitive in the US market.
