China might not be able to rely on trade to steer it out of trouble as blistering tariffs being considered by US President-elect Donald Trump threaten an already struggling economy.

Only a third of China’s trade surplus was with the United States, and only a third of the U.S. deficit was with China. That makes for tricky math for the president-elect.

Good morning. China’s trade surplus hits a record ahead of Donald Trump’s return to the White House. UK Chancellor Rachel Reeves returns from Beijing with deals and investments. And Europe’s largest pension fund sells its entire stake in Tesla.

Trump has vowed to impose tariffs of as high as 60% on China, as well as lesser ones with the US’ biggest trade partners, threats that could upend global trade and economic growth.

China’s vast exports in 2024 exceeded its imports on a scale seldom seen anywhere except during or immediately after the two world wars.

China's trade surplus surged to an unprecedented $992 billion in 2024

China’s trade surplus hit almost a trillion dollars in 2024, driven by record exports of $3.6 trillion, according to official data. The surplus, which is equivalent to 992.2 billion in US dollars, has sparked concerns about a new wave of global trade tensions,

China just dropped a $1 trillion bombshell on the global economy. That’s the size of its trade surplus last year, a jaw-dropping number that has everyone from Washington to Jakarta clutching their spreadsheets.