The United States remained China’s third-largest trading partner after the Association of Southeast Asian Nations and the European Union. In October, the trade volume between the two countries reached $45.076 billion, with the United States exporting goods worth $10.156 billion to China and China exporting goods worth $34.920 billion to the United States, according to the General Administration of Customs.
By the end of 2024, the trade volume between China and the United States had increased by 3.7% year-on-year, reaching $688.28 billion. On August 12, the United States and China agreed to extend the suspension of tariffs by 24% for an additional 90 days, while maintaining the application of 10% tariffs.
On October 9, the Chinese Ministry of Commerce announced that it would impose export controls on a range of goods related to medium and heavy rare earth elements, lithium batteries, synthetic graphite anode materials, rare earth mining and processing equipment, and ultra-strong raw materials starting from November 8.
Meanwhile, U.S. Treasury Secretary Scott Basent stated that the United States might delay imposing new tariffs to allow for meetings between the countries’ leaders to discuss trade issues. The world’s two largest economies have been striving to resolve their tariff disputes in 2025, yet reaching a comprehensive agreement remains distant.
