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 reached record levels in 2024 as it braces for new tariffs President-elect Donald Trump said he'll impose after he takes office next week. According to Chinese government figures released Monday,

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