Earlier today, Treasury Secretary Scott Bessent underscored how the US-China trade war will inflict more pain on the Chinese economy, saying that the country could quickly lose 10 million jobs and is therefore responsible for taking the first step to lower tariffs (scroll down to read his comments).
And as US-bound cargo shipments from Shanghai plunge, there’s been a growing concern about empty store shelves and product shortages in the US.
But on the other side of the trade ledger, China represents the third-largest export market for US goods behind Mexico and Canada.
According to a new report from the US-China Business Council, the US exported $140 billion worth of goods to China in 2024, which is linked to 531,232 jobs across the US.
Despite the trade deficit, that market is vital for many US industries. It’s why oilseed and grain farmers, in particular, feared Trump’s tariffs on Chinese goods and China’s retaliatory 125% tariff rate.
Texas, California, Washington, Indiana, and North Carolina are the states that may be hit hardest by China’s counter-tariffs, as these states were the largest exporters to China in 2024. Texas alone exports more than $21 billion of goods to China.
