China's Trade Surplus Surpasses $1 Trillion, Challenging U.S. Tariff Effectiveness
China's trade surplus with the world has exceeded $1 trillion for the first time, raising questions about the effectiveness of tariffs imposed by developed countries, particularly those by President Trump. According to China's General Administration of Customs, exports increased by 5.4% in the first 11 months of the year compared to the previous year, while imports slightly decreased. This resulted in a global trade surplus of $1.07 trillion, surpassing the $990 billion recorded in 2024. Despite a 28% drop in exports to the U.S. in November, China's exports to Southeast Asia and the European Union have grown significantly. The increase in exports to Southeast Asia is partly attributed to 'transshipping,' where goods are assembled in Southeast Asia before being shipped to the U.S. French President Emmanuel Macron has threatened tariffs if China does not address its trade surplus with the EU. 
