China’s trade surplus hit a record $990 billion, raising concerns over Trump’s upcoming tariffs on Chinese goods.
Exports from China have been on the rise, even with past attempts to slow them down. In fact, last year, exports jumped 7.1% to 25.45 trillion yuan, while imports grew by 2.3%. The numbers show a clear trade surplus.
Reports suggest that China ramped up its exports as its economy faced challenges like property market inflation. This surge is especially noticeable in developing countries, where some have started imposing tariffs to protect their local industries.
China is a major player in the global market, exporting everything from textiles to electronics, and even solar panels and electric vehicles. Trump has promised to raise tariffs by 10%, which could escalate the trade tensions between the U.S. and China.
Just last week, Trump dismissed any claims that he might soften his tariff plans. In December, Chinese exports soared to $104.8 billion, likely as a strategy to get ahead of the impending tariffs. An economist noted that this surge was influenced by the upcoming Chinese New Year and Trump’s inauguration.
