Bilateral trade in services exceeded 125 billion dollars in 2018, and two-way direct investment totaled almost 160 billion dollars in the past four decades.
He added that China was to blame for the impasse.
In April, the United States recorded a $71.7 billion deficit in the trade goods like cars and aircraft but a $20.9 billion surplus in the trade of services such as banking and education. Mr Trump tweeted recently that the USA loses US$500 billion (S$683 billion) a year in trade to China.
For one, the deficit in trade in goods is exaggerated, the report said.
Fewer than 24 hours after the administration of President Donald Trump and Mexican authorities reached a tentative agreement to forestall tariffs affecting hundreds of billions of dollars in goods imported from Mexico, Treasury Secretary Steven Mnuchin warned on Saturday that the president still claims the authority to levy taxes on imports from Mexico if he sees fit to do so.
For its part, Beijing has also signaled it "would not bow under pressure" to the United States, especially on key issues tied to the country's sovereignty, according to a government policy report on trade issues released Sunday.
Impeach Trump? No, Pelosi Says Let's Just 'Put Him in Prison'
Democratic presidential candidates have also started speaking out more forcefully about their desire to see Trump impeached. During a separate interview Thursday morning, House Minority Leader Kevin McCarthy, R-Calif., also chided Pelosi.
The tariffs can rise to as much as 25 percent later in the year.
The significance of China to the United States economy is also reflected in job creation.
China accuses Trump of wanting to thwart Huawei's development because the company is the world leader in next-generation 5G mobile technology and faces no United States competition.
It also pointed out that China was both an important and fast-growing export destination for the USA and highlighted the fact that U.S. exports to China supported over 1.1 million American jobs in the decade from 2009.
Of the number, the export sales in goods and services by U.S. firms to China stood at 153.9 billion dollars and 87.1 billion dollars respectively in 2017.
Shortly after, the United States placed an export ban on Chinese telecom giant Huawei, preventing it from doing business with American firms on national security grounds. But the U.S.is still negotiating new trade deals with Japan after withdrawing from a Pacific Rim arrangement, the Obama-era proposed Trans-Pacific Partnership.
"With so many countries expressing concern over the fallout (from the trade tensions), there seems to be some momentum to reflect that in the communique".