business π₯ US-China rivalry: trade, oil, and rare earth showdown
The economic relationship between the US and China remains a major contest over leverage points between the two giants. In 2024, China was 14.1% of US imports, while the US was 7.18% of China's imports. The US trade deficit with China fell 52% to $203 billion in 2025, down from $418 billion in 2018. China's reliance on oil is stressed by the Iran war, while it maintains leverage through rare earths. Both nations spend heavily on military, accounting for 44% of the world's $2.87 trillion in 2025.