International Trade
Please briefly describe or summary the article. What are benefits and consequences of Trade Gap between US and China. Give opinion about the expectancy of president Trump at G20.
Article link: https://www.bloomberg.com/news/articles/2018-11-29/trump-says-he-is-very-close-to-doing-something-on-china-trade
The U.S. trade deficit with China was $375 billion in 2017. The trade deficit exists because U.S. exports to China were only $130 billion while imports from China were $506 billion.
The United States imported from China $77 billion in computers and accessories, $70 billion in cell phones, and $54 billion in apparel and footwear. A lot of these imports are from U.S. manufacturers that send raw materials to China for low-cost assembly. Once shipped back to the United States, they are considered imports.
In 2017, China imported from America $16 billion in commercial aircraft, $12 billion in soybeans, and $10 billion in autos. In 2018, China canceled its soybean imports after President Trump started a trade war. He imposed tariffs on Chinese steel exports and other goods.
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