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.

China’s trade surplus with all nations reached a new record of nearly $1 trillion in 2024, according to multiple reports.

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

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 has reached a record-breaking trade surplus of $1 trillion, with exports outpacing imports by 21% compared to last year. In today's Chart of the Day, host Madison Mills analyzes what this reveals about the Chinese economy and how it will impact the proposed tariff policy under Trump.

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.

As Donald Trump prepares to take office with plans to raise tariffs on China, the country says its trade surplus reached close to $1 trillion last year.