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’s exports in December grew at a faster pace than expected, as factories rushed to fill orders to beat higher tariffs that U.S. President-elect Donald Trump has threatened to impose once he takes office.

American buyers rushed to stockpile Chinese goods before Donald Trump returns to the White House with a threat to impose tariffs of between 10 and 60 percent.

As TikTok's US ban looms, Bloomberg's Caroline Hyde and Mike Shepard detail China's options to save the company in the US, including a possible sale to Elon Musk. And, Nvidia's Jensen Huang heads to China amid chip export curbs.

TikTok’s U.S. operations might soon have a new owner - Elon Musk. Chinese officials are said to be considering allowing the sale of the social network to the billionaire.

Also in today’s newsletter, EU threatens to curb access for makers of Chinese medical devices, and JPMorgan reshuffles Jamie Dimon’s top lieutenants