Trade cost，as an important factor of affecting international exchange，has become a key research area of international trade.Based on the revised Novy（2008） model，this paper measures the SinoUS trade costs and analyses its effect factors.This paper finds that：the SinoUS trade costs have a wavedecreasing trend；excessive appreciation of RMB has a negative impact on trade costs；Chinas improvement of business environment and decline of import tariff all contribute to the trend，and price change of oil does not much affect it，while there does not exist a longterm equilibrium relationship between FDI，American tariff and bilateral trade costs.Further analysis reveals that there is a good deal of room for SinoUS trade costs to move lower and China should fully explore approaches of the trade cost reduction to further enhance the competitiveness of export commodities.