China registered a trade surplus of over $1 trillion [€860 billion] in the first eleven months of 2025. According to Brad Setser, an economist at the Council on Foreign Relations, for the entire year of 2025, “its trade surplus [will] approach the record level of $1.2 trillion [€1.03 trillion], representing 6% of China’s GDP and more than one percentage point of the cumulative GDP of all its trading partners.”
During the same period, U.S. President Donald Trump, concerned about U.S. trade deficits (especially in the manufacturing sector), raised the average tariff rate to around 14.4%. This is the highest rate since the post-World War II era. [After the Supreme Court’s decision on February 20 to invalidate these rates, Donald Trump decided on a 10% increase starting from February 22 for one hundred fifty days.]
Why is China accumulating significant surpluses and why are the United States abandoning relatively liberal trade policies they have been applying for eight decades? The answer lies in the resurgence of mercantilism.
Un enjeu de pouvoir
Adherents to this economic doctrine…
Fact Check: The data referenced in the article is accurate as of the time of publication. However, please refer to updated sources for the most current information regarding trade surpluses and tariff rates.
Context: The article delves into the trade dynamics between China and the United States as well as the shift in trade policies, specifically focusing on the trade surplus China is accruing and the tariff adjustments made by President Trump.
