Meanwhile, the US still holds most of the trade cards with China ....
China’s Record Trade Surplus and Washington’s Financial Trump Card
China’s trade surplus has crossed a dangerous threshold. In 2025, it exceeded $1 trillion for the first time, surpassing the previous record of $993 billion (figure 1). China’s internal imbalance is also widening. Exports rose 5.5% over year, while imports were flat—clear evidence of weak domestic demand and continued reliance on foreign markets to sustain output; exports composed 33% of China’s GDP growth in 2025, its highest share in nearly 20 years (1).
China’s trade surplus has crossed a dangerous threshold. In 2025, it exceeded $1 trillion for the first time, surpassing the previous record of $993 billion.
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