Investing.com - Having already imposed steel and aluminum tariffs on China and other nations, President Trump is reportedly preparing another round of tariffs directed solely at Beijing.The President has long promised to get tough on China because of its huge trade surplus with the U.S. Trade, however, is a two-way street, and China happens to be the third largest market for U.S. exports.With concerns about a U.S.-China trade war on the rise, here are five things you need to know about trade between the two countries.While the U.S. had a trade deficit in goods of $347 billion in 2016, it had a trade surplus in services of $38 billion. U.S. exports of services and goods to China supported 911,000 U.S. jobs in 2015.China buys more U.S. aircraft than any other country. Exports to China were $15 billion in 2016. China imported $21 billion in agricultural products in 2016. Chief among them were soybeans and sorghum. China accounted for 5.4% of all U.S. computer exports in 2017.