Despite US tariffs, China’s trade surplus exceeds 1 trillion dollars

Though Chinese exports to the US have declined almost 19% since the start of Trump’s tariff war in April, it has been able to diversify both its export destinations as well as the basket of goods to counter the effects.

by Abdul Rahman

Part 2 - Defying the impact of US tariffs

The figures are more impressive because of the fact that China’s exports to the US dropped 29% year on year in November, despite a temporary tariff truce announced in late October by the two countries.

November’s figures are higher than October’s, when Chinese exports to the US declined by roughly 25%.

In 2024, the bilateral trade in goods and services between the US and China was above 700 billion US dollars. China exported over 500 billion dollars of goods to the US, importing over 160 billion dollars worth of goods in return.

The trade between the two countries was negatively impacted due to the announcement of Trump’s so-called reciprocal tariff policy in April. Though both the countries have negotiated and announced truces on multiple occasions since then, the latest being in October, that has not stopped the decline in their mutual trade volume.

Chinese exports to the US have been rapidly declining every month since May, causing a nearly 19% fall in total Chinese exports to the US this year so far.

This is despite the fact that China registered nearly a 26.5% growth in rare earths in November, one of the central issues which renewed the trade war between the US and China in October.

According to Chatham House, the average tariff on Chinese exports to the US has come down from 145% in April to 47.5%, a high penalty nevertheless for Chinese exporters.

Source, links:

https://peoplesdispatch.org/2025/12/10/despite-us-tariffs-chinas-trade-surplus-exceeds-1-trillion-dollars/

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