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