A report by the Wilson Center states that China is the most important trading partner in the world, followed by Japan, South Korea, Vietnam, and Taiwan. 

It adds that it is also the largest trader in Russia and Ukraine. In Africa, China is the most important partner for countries such as South Africa and Kenya. In addition, it is also the European Union's largest trading partner outside of the EU.

While recent trade data do not capture all of the fallout from COVID-19 or the Ukraine war, and the final details of the Biden administration's semi-conductor-related export controls have yet to be released, the report suggests that it is clear that America's days of trade dominance are over.

The report mentions that the Democratic and Republican Senators Menendez and Portman urged the administration to start trade talks with Ecuador and Uruguay, using the US-Mexico-Canada Trade Agreement as the framework for future trade agreements, in a letter sent late last year to Secretary of State Blinken and Trade Representative Katherine Tai.

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Allies are more determined to build stronger trade relations with the United States these days, the report suggests, adding that Asian leaders, for instance, have urged the Biden administration to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPA-TPP), which 11 nations crafted in response to the US's rejection of the TPP, despite the fact that the Biden administration has said it will not support the agreement unless significant changes are made.

In other words, several nations are looking for more trade opportunities. China is advancing in forging new alliances and agreements, while US policymakers seem hesitant to seize these chances.

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