The US exports very little to China, most of which is easily substitutable (e.g. soybeans, corn, oil) and imports a lot, most of which isnt substitutable (e.g.

The US exports very little to China, most of which is easily substitutable (e.g. soybeans, corn, oil) and imports a lot, most of which isnt substitutable (e.g. electronics). The substituability story was different ~5-10 years ago and a lot of Americans havent noticed yet that China is now just as good at building wide body airplanes and chips. No prizes for guessing who has the upper hand in negotiations.