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.

US-listed Chinese stocks jumped premarket Tuesday after Bloomberg reported that the Trump team is considering a gradual approach to tariff hikes. Online retailers JD.com and Pinduoduo spiked as much as 4% and 3%,

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,