U.S.-China trade

The seemingly symbiotic relationship between the China and America -- dubbed Chimerica -- is now clearly chimerical. What was once billed as the ideal partnership is quickly turning into a competition for global influence. Investors, beware.

A China expert explains that overtaking Japan doesn't alter the underlying economic issues China must resolve, but it does cement changes that have been rapidly making China a far more important player on the global stage.

China's global trade surplus ballooned to $28.7 billion in July, a sign that promises to adjust its currency haven't yet begun to bite. That could spell increasing friction with Washington.

With the U.S. consumer economy in the doldrums, the impact is being felt globally. From China to Germany and Canada to Japan, America's major trading partners are struggling to adapt to a sudden decline in U.S. imports.