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.

The Vietnamese dong is likely to test new lows as the country’s growing trade surplus with the US puts it at risk of targeted tariffs from the incoming Donald Trump administration.

China’s trade surplus with all nations reached a new record of nearly $1 trillion in 2024, according to multiple reports.