With the development of global value chain, it is of great significance to recalculate and analyze the bilateral trade interests between China and the United States in the perspective of value added, and it helps understanding the Sino-US trade friction in 2018. In this paper, we applied the added-value accounting method of bilateral/industry level to study the trade interests between China and the United States from the forward and backward production linkages, and empirically tested the factors that influenced China’s value-added export. The main results are: China’s trade surplus shrinks severely in the perspective of the added value. The trade the United States announced is far from the facts. China’s position in the global value chain is behind the United States, leading to the trade surplus in China but the structural benefit in the United States. Chin’s service industry profits much less compared with the manufacturing industry in bilateral trade. There were no major changes in the surplus industries in 2000-2014. The influence of participating in the global value chain on manufacture is different from the non-manufacture industries. FDI has significant positive effect on China’s value added exports.