China Sets Export Record in 2024, But Trump’s Threats Could Impact Trade in 2025
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In 2024, China set an export record with a trade surplus of nearly US$ 1 trillion, the largest in history. However, the threat from U.S. President-elect Donald Trump to increase tariffs on Chinese products may affect trade performance in 2025.
The foreign trade figures were released one week before Trump’s inauguration, as he renewed his threat to impose tariffs on Chinese goods, which could impact China’s exports. During his first term, Trump had already started a trade war with the Asian country.
Chinese exports surpassed 25 trillion yuan (approximately US$ 3.58 trillion) for the first time, showing a 7.1% annual increase, according to state broadcaster CCTV. Imports totaled 18.39 trillion yuan (about US$ 2.59 trillion), registering a 2.3% increase.