“It is important for us to remind US lawmakers and those in influential positions that every state and congressional district in the US maintains its own economic and trade relationship with China,” said Craig Allen, president of the non-profit group representing more than 270 American companies.
“Changes in US-China trade policy should be considered very carefully.”
“Trade between the US and China also contributes to geopolitical stability and must be factored into policy decisions related to the future of the bilateral relationship,” he added.
Oilseeds and grains remained America’s top export to China last year, despite plunging US$7 billion from 2022, according to the report.
US tests China’s metal with steel tariff plan, opening new front in trade war
US tests China’s metal with steel tariff plan, opening new front in trade war
“Any new US tariff increases on imports from China, which many lawmakers and political leaders are actively proposing, could adversely impact the American agriculture sector if they trigger retaliatory actions,” the report added.
Section 301 investigations aim to determine whether a foreign government’s policies or acts are discriminatory and whether they burden or restrict US commerce.
Last year US exports of semiconductors and their components to China fell to their lowest level since 2016 to US$6.8 billion, dropping 52 per cent compared with the peak level in 2021.
China’s weak economic recovery as well as expanding US export controls on advanced semiconductors and chip manufacturing equipment both curtailed demand and inhibited exports, the report said.
US review of US$300 billion worth of Chinese imports almost done: trade envoy
US review of US$300 billion worth of Chinese imports almost done: trade envoy
Travel services have traditionally been among the largest American services exported to China, with their 2022 level reaching just 10 per cent of their pre-pandemic value, it added.
Education exports, which include money that Chinese students studying in the US pay for tuition, housing and books, were among the largest categories of American services exported to China in 2022. They held their standing as important contributors to local American economies, according to the report.
While Chinese students comprise the largest contingent of international students at US universities, their share is losing ground among other foreign nationals, it said.