China and the United States remain deeply intertwined economically despite years of tariff disputes and efforts at decoupling. While US–China trade has declined sharply — with Chinese exports to the US dropping 20% — Beijing has offset losses by expanding trade with Africa, Europe, and Latin America, contributing to a record global surplus.

Both sides still rely on each other: The US depends on China for rare earth elements and as an export market, while China seeks access to advanced American technologies like semiconductors.

Ahead of Donald Trump’s visit to Beijing, both governments aim to stabilize relations and avoid further tariff escalation, especially as global economic pressures mount due to conflict in Iran. Analysts describe the meeting as a "risk‑management summit," with China potentially positioned as a mediator in the Middle East to help secure vital trade routes such as the Strait of Hormuz.