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 exports gained momentum in December, with imports also showing recovery, though strength at the year-end was in part fueled by factories rushing inventory overseas as they braced for heightened trade risks under a Trump presidency.

China's exports gained momentum in December, with imports also showing recovery, though strength at the year-end was in part fuelled by factories rushing inventory overseas as they braced for heightened trade risks under a Trump presidency.

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 jumped to $104.84B in December 2024, from $75.31B a year prior, surpassing expectations of $99.80B. It was the largest trade surplus since February, driven by a surge in exports.