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,

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.