Trade Scale and Growth: In the first quarter of 2025, China-U.S. bilateral trade continued to grow under the interference of the U.S. imposing tariffs, with an import and export volume of 11.1 trillion yuan, an increase of 4%. However, since the outbreak of trade frictions in 2018, the pattern of bilateral trade has changed. Although the trade volume between China and the U.S. reached a historical high in 2022, its growth rate lagged 30% behind the trade growth of both countries with other regions, highlighting the trend of decoupling.

- Impact of Tariff Policies: The 301 tariffs imposed by the U.S. on Chinese goods have distorted the statistical differences in bilateral trade, pushing up U.S. inflation through price transmission and weakening China's cost advantage in exports, leading to increased costs for U.S. manufacturing and reduced competitiveness. Chinese publicly listed companies exporting to the U.S. are also facing increased pressure from supply chain concentration.

- Technology and Investment Fields: Decoupling has transcended the trade domain and spread to technology and investment areas. The U.S. is building a supply chain that excludes China through policies like "small yards and high walls" and "friend-shoring" while restricting technology cooperation in areas such as semiconductors and connected vehicles. China's direct investment in the U.S. has significantly decreased due to stricter reviews, and U.S. technology companies in China are also facing pressures from supply chain restructuring.