We have discussed this before but for all the trade war talk, but it is worth repeating that the US in spite of the trade war is still China’s major trading partner. No other country comes close to the positive trade balance that China runs with the US. The EU is the second closest in terms of trade balance, but the US balance is nearly three times of the EU. In every other major country China runs a trade deficit. The US does import a lot from China, but no other country could possibly fill the vacuum that diminished US trade would present. U.S.