The US ran a $295.4 billion trade deficit with China last year, about an 8 percent increase above the 2010 level. In just five years, China has surpassed the United States as a trading partner for much of the world, including US allies such as South Korea and Australia, according to an Associated Press analysis of trade data. China overtakes US as the world's top trading partner including US' backyard of Latin America. Is China rising, US falling or both?
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