Trump wants new sanctions on Iran, while the UK, France, Germany, Russia and China build a method for doing business with Iran that bypasses the US banking system. The US has no ability to hinder these transactions, and may in the future be in the dark about trade deals involving Iran.
Is China panicking over US tariffs? CNN thinks so, but that may not be the case. China has been finding other markets for its products, and the US is being shut out of those markets. The net loser is the US as the dollar volume of us exports declines.
The trade deficit now exceeds the highest amount under Obama — in fact it exceed every year under Obama. The Obama deficits ran from 343 billion in 2009 to $549 billion in 2011. The deficit in Trump’s first year was over $552 billion. The figures for both imports and exports of goods peaked in 2014. The last year that the US ran a trade surplus was 1975.(2)
Note that the top three countries for US exports (sales by US companies) are Canada, Mexico and China.