China’s trade surplus with all nations reached a new record of nearly $1 trillion in 2024, according to multiple reports. China’s trade surplus grew to $104.84 billion in December, and nearly $1 trillion for the year,

China’s trade surplus soared to a record last year, driven by strong exports that boosted the economy but may soon be threatened by the incoming Trump administration.

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.