Diverging Trade Balances: U.S. Deficit Hits $1.2 Trillion as China’s Surplus Climbs to $1.0 Trillion

In 2024, the U.S. trade deficit widened to $1.2 trillion, marking a 13.3% increase from the previous year, while China’s trade surplus expanded to $1.0 trillion, up 20.7% year-over-year. Since the onset of the U.S.-China trade war in 2018, the U.S. trade deficit has grown by 51%, whereas China’s trade surplus has surged by 130%, highlighting the stark divergence in trade dynamics between the two economies.