China's trade surplus hits $1 trillion for first time ever

"China's exports to the United States dropped sharply this year in the face of President Trump's tariffs but the country is still finding plenty of customers elsewhere around the world. Customs data on Monday showed the country's trade surplus for the year topped a trillion dollars for the first time. The all-time high came as China's overall exports in November were up 5.9% from a year ago, even as exports to the United States plunged by nearly 29%."

"At the same time, imports to China rose only slightly last month, Trump has sought to discourage U.S. imports from China with hefty tariffs. At one point this spring, the import taxes reached 145%, bringing U.S. trade with China to a virtual standstill. Since then, tariffs have been reduced to 47.5% still a sizeable drag. But China has responded by exporting more to customers in Europe, Africa, Latin America and the rest of Asia."

China's exports to the United States fell sharply this year as U.S. tariffs reduced bilateral trade. Customs data show the country's annual trade surplus topped $1 trillion for the first time. Overall exports in November increased 5.9% year-over-year despite a nearly 29% plunge in shipments to the United States. Imports to China rose only slightly in November. U.S. import tariffs on Chinese goods peaked at 145% this spring, bringing bilateral trade nearly to a standstill, and have since been lowered to 47.5%. China offset reduced U.S. demand by expanding exports to Europe, Africa, Latin America and other Asian markets.

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