China accounted for only 5.89% of the total US trade in May, the lowest in 23 years.
Mexico's share was 16.22%, and Canada's was 12.53%, leading significantly as the top two. Originally, China and these two countries formed a "top three" group, with similar shares of US trade, and they had once been in first place. When Trump first took office, China's share was 17.77%. Now, China's share has dropped to be closer to other regions.
In 2018, the US trade deficit with China was five times that of any other country. Now, it is only slightly larger than the deficit with Mexico, and less than the sum of the deficits with Mexico and Canada. The effect of "reducing trade with China and narrowing the trade deficit with China" is obvious.
However, the overall US trade deficit continues to rise sharply, increasing in six of the past eight years, exceeding $1 trillion, which is contrary to Trump's stated goal. At the same time, China's total surplus continues to grow significantly, and may reach an astronomical figure of $1.3 trillion by 2025. Meanwhile, the US trade deficit with Mexico has increased by 121% over the past eight years, with Canada by 240%, with South Korea by 268%, and with Vietnam by 213%. China's surpluses with these regions have also risen significantly.
Everyone suspects that something is wrong here. Therefore, the US not only launched a trade war against China, but also against the entire world.
Original article: https://www.toutiao.com/article/1837853698034688/
Statement: This article represents the views of the author.