China's trade surplus hits record high as exports surge ahead of potential US tariffs

China's trade surplus reached a record high in 2024, driven by a 7.1% increase in exports, totaling 25.45 trillion yuan. Imports rose 2.3% to 18.39 trillion yuan, resulting in a surplus of 7.06 trillion yuan. The surge in exports was fueled by strong demand for electric vehicles, batteries, and solar panels. However, the upcoming second term of US president-elect Donald Trump may challenge this growth due to anticipated tariffs. Trump's administration plans to implement tariffs on Chinese goods, potentially raising the average tariff rate to 26% in 2025. Exporters have begun to rush orders ahead of his inauguration on January 20.