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

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. A harsher US tariffs regime could push China to seek stronger ties with developing nations: A new study by the Boston Consulting Group suggests that Beijing’s trade with the Global South — home to 62% of the world’s population — could surpass $1.

The Philippines accused China on Tuesday of intimidating its fishermen at a disputed South China Sea shoal, and normalizing an “illegal presence,” after Beijing sent its largest coast guard vessel into Manila’s maritime zone.