The U.S. goods trade deficit with China was $295.4 billion in 2024, a 5.8 percent increase ($16.3 billion) over 2023.

Treasury Secretary Scott Bessent said in an interview Tuesday that the U.S. has the upper hand over China as the trade war intensifies.

Treasury Secretary Scott Bessent said during a CNBC interview on Tuesday morning that the U.S. is in a position to win a trade war against China, and their decision to escalate and retaliate against American tariffs is a "big mistake.