China has strengthened trade with Latin America at the expense of the U.S. But Donald Trump, who threatens to raise tariffs on Mexico, could upend those ties.

China's trade surplus grew to $104.84 billion in December, as exports rose faster than expected, according to official customs data released on Monday. Chinese factories rushed to complete orders ahead of higher tariffs threatened by President-elect Donald Trump.

China's exports reached record levels in 2024 as it braces for new tariffs President-elect Donald Trump said he'll impose after he takes office next week. According to Chinese government figures released Monday,

Trump has vowed to impose tariffs of as high as 60% on China, as well as lesser ones with the US’ biggest trade partners, threats that could upend global trade and economic growth. A harsher US tariffs regime could push China to seek stronger ties with developing nations: A new study by the Boston Consulting Group suggests that Beijing’s trade with the Global South — home to 62% of the world’s population — could surpass $1.

As Donald Trump prepares to take office with plans to raise tariffs on China, the country says its trade surplus reached close to $1 trillion last year.