According to data from S&P Global Market Intelligence, the newly imposed role covers US $23.6 billion worth of US exports to China in 2024. The affected products include coal, crude oil, passenger cars and agricultural machinery. Tariffs vary by category, with coal and gas facing 15% tariffs, 10% crude oil, 10% heavy engine vehicles and lightweight trucks, and farm machinery also taking new duties.
US exports of these goods to China have already declined significantly since 2021, the second year of the “Phase 1 Trade Agreement.”
Liquefied natural gas (LNG) exports to China fell 59.8%, while shipments of cars and light trucks fell 33.0%. New tariffs could further impact these industries and put pressure on US exporters.
China’s measures appear to follow asymmetric exposure strategies. For example, China accounts for 11.1% of US coal exports, while the US supplies only 3.8% of China’s coal imports. A similar trend can be seen in crude oil, where China accounts for 5.3% of US exports, while the US accounted for just 1.9% of China’s oil imports. This suggests that China has chosen products that allow it to more easily find alternative suppliers than the US. The impact on passenger cars and agricultural equipment may be more important. The US provided 21.6% of Chinese imported cars and 23.7% of agricultural machinery, but China only supplies 9.1% of US automobile exports and 1.5% of agricultural tools, as China has a small export market for these products in the US. occupies the following. 。 This imbalance can create economic difficulties for American manufacturers in these areas. (ani)
