Trump tariffs live updates: China’s trade surplus tops $1T, while US shipments drop 29%; Trump may exit USMCA next year

China’s trade surplus in goods exceeded $1 trillion for the first time this year. Meaning it exported more goods to other countries than it imported. Its US shipments, however, dropped 29% due to the trade war between the US and China, which began after President Trump announced his “Liberation Day” tariffs in April.

In November, China’s overall exports were 5.9% higher than 2024, at $330.3 billion, exceeding economists’ estimates. It was also an improvement from a 1.1% contraction in October. This latest data only highlights the widening gap between the country’s exports and imports.

In the first 11 months of the year, China’s trade surplus was $1.076T, according to data released by Beijing’s customs administration. The record surplus comes in the wake of a de-escalation in trade tensions between the US and China, which resulted in a one-year truce being agreed in October.

But China’s export success has drawn criticism from trading partners, such as France, with President Macron pointing to “unbearable” imbalances on a visit to the country last week.

The AP reports:

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