China’s trade surplus hits $1 trillion for first time ever

China’s exports to the United States dropped sharply this year amid President Trump’s tariffs, but the country is finding plenty of customers elsewhere. Customs data on Monday showed China’s trade surplus for the year topped $1 trillion for the first time. The record came as overall exports in November were up 5.9% year-over-year, even as exports to the United States plunged nearly 29%. Imports to China rose only slightly last month. Trump sought to discourage U.S. imports from China with hefty tariffs. At one point this spring, import taxes reached 145%, bringing U.S.-China trade to a virtual standstill. Since then, tariffs have been reduced to 47.5% — still a sizeable drag. China has responded by exporting more to customers in Europe, Africa, Latin America and the rest of Asia.