Trade imbalance and tariff reciprocity have been major concerns in trade frictions between China and the United States. In this paper, we try to measure the true figures of bilateral trade deficit and tariff discrepancy between the two countries from different aspects. The results of this study show that:(1) after comprehensive consideration of merchandise trade, services trade and affiliate sales, there is no significant imbalance between the US-China trade; (2) the US merchandise trade deficit with China has shrunk by 43% when it comes to value-added terms in 2017, and the share of imports from East Asia has remained 25%~30% for the United States in recent 30 years; (3) the United States earns more in bilateral foreign direct investment than that of China; (4) the bilateral tariffs between China and the United States have exhibited reciprocity.