China is increasingly less dependent on trade with the U.S., which will lessen the shock of an additional 10-percent U.S. tariff on Chinese exports, according to the Council on Foreign Relations, an American think tank.
China has ramped up trade with other partners, with the U.S. dropping to third place with $688 billion in 2024, following the ASEAN with $982 billion and the EU with $786 billion. The country’s exports to the U.S. account for only 15 percent of its total exports.
China has also steadily reduced the importance of trade to its economy as the country has expanded domestic demand. Consumption is the top driving force of the country’s economic growth. The final consumption expenditure contributed 44.5 percent of the country’s overall GDP growth in 2024, and 82.5 percent in 2023.
