Only a third of China’s trade surplus was with the United States, and only a third of the U.S. deficit was with China. That makes for tricky math for the president-elect.

China’s trade surplus hit almost a trillion dollars in 2024, driven by record exports of $3.6 trillion, according to official data. The surplus, which is equivalent to 992.2 billion in US dollars, has sparked concerns about a new wave of global trade tensions,

China has just capped a stellar year for its exports with another surge in December. That'll likely make the target on its back even larger in the eyes of President-elect Donald Trump, who'll return to the white house next week.