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 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.

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.