Chinese export figures defy gravity of Trump’s tariffs

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Last year China recorded a $1.2tn trade surplus, a fifth higher than in 2024. It is expected to grow again. Chinese exports rose by more than 20% in January and February, bolstered by shipments to southeast Asia and Europe. This provides further proof that Donald Trump’s tariffs are not working as intended. One of their objectives was to curb Beijing’s growing economic clout, while bringing manufacturing jobs back to the US. Instead the cost of the levies has mostly been shouldered by American consumers. Chinese exports to the US have fallen by 11% but the country now buys 27% less American goods. Beijing is believed to be circumventing the levies by shipping US-bound goods through southeast Asia first. The chances seem low that Xi Jinping will make trade concessions when he meets with Trump later this month.