US-China Economic Relations: Implications of the Trans-Pacific Partnership

  • Chien-Pin Li
Chapter

Abstract

As the largest and second largest economies in the world, the United States and China play key roles in the vitality and stability of the global economy. Presently, the two economies are robustly interdependent, as shown in a number of commonly used indicators such as the sheer volume of bilateral trade, flow of foreign investments, and ranking of market importance for each other. In 2012, US-China bilateral trade reached $555 billon, accounting for 14 percent of total US trade in goods and making China the second largest trading partner of the United States (after Canada).China is the largest source of US imports and the third largest US export market. On the other hand, Chinese authorities reported bilateral trade in 2012 at $486.21 billion, ranking the United States as the largest trading partner as a state, or the second largest trading partner behind the European Union (EU) if the EU is treated as a trading group.1

Keywords

World Trade Organization Bilateral Trade Free Trade Agreement Trade Diversion Much Favored Nation 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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© Peter C. Y. Chow 2014

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  • Chien-Pin Li

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