Total goods trade between the United States and China reached approximately $582 billion in 2023, according to the U.S. Census Bureau.
In October 2022, the Commerce Department imposed export controls restricting China's access to advanced semiconductors and chipmaking equipment, with additional rules added in 2023 and 2024.
Supporters of restrictions argue they protect critical technologies, defense supply chains, and intellectual property; critics argue they raise consumer prices and risk retaliation against U.S. exporters.
The CHIPS and Science Act of 2022 authorized roughly $52 billion in subsidies to expand domestic semiconductor manufacturing and reduce reliance on foreign production.
China is the largest source of U.S. imports in categories including electronics, machinery, and pharmaceuticals, and holds about $775 billion in U.S. Treasury securities as of 2024.