As of April 21, 2025, the trade relationship between China and the United States continues to be tense, with the tariff war between the two sides further escalating. Here is a detailed analysis of the current situation:

1. Tariff escalation:

• The U.S. government announced tariffs of up to 125% on goods imported from China, with some product rates even rising to 245%.

• China's purchases of U.S. goods have sharply decreased, with both sides imposing counter-tariffs of over 100% on each other's products.

2. Economic impact:

• China's import volume of U.S. goods has plummeted, especially in agricultural products.

• The U.S. tariff policy on Chinese goods has led many American companies to move manufacturing and sourcing to other countries, reducing their operations in China.

3. Diplomacy and politics:

• The Chinese government released a white paper titled 'China's Position on Several Issues Regarding China-U.S. Economic and Trade Relations' in response to the escalating tariff war by the Trump administration.

• Chinese Ambassador to the U.S. Xie Feng emphasized that China opposes any form of tariff war and trade war.

4. Market response:

• Despite the escalation of the tariff war, the Chinese market has shown some resilience, with exporters expressing unprecedented pressure at the Canton Fair.

• Prices in the global oilseed market have fluctuated, with soybean prices dropping due to crushing and weak exports, while Canadian canola remains strong due to robust demand.

5. International response:

• Several economists jointly criticized Trump's tariff policy, deeming it a 'misstep'.

• The World Trade Organization (WTO) warned that Trump's tariff policy could lead to a decline in global trade volume by as much as 1.5%.

6. Future outlook:

• Trump stated that China has come forward to seek trade negotiations, and U.S. tariffs on China may be adjusted in the future.

• Experts believe that the negative impact of the tariff war may prompt the U.S. government to consider adjusting related policies.

In summary, the China-U.S. trade relationship remains tense as of April 2025, with the tariff war further escalating, having profound impacts on the global economy and markets. Nevertheless, both sides are still seeking the possibility of resolving disputes through negotiations.