China has recorded a trade surplus of over $1,000 billion [860 billion euros] in the first eleven months of 2025. According to Brad Setser, an economist at the Council on Foreign Relations, for the entire year 2025, “its trade surplus… is expected to reach the record level of $1,200 billion [1,030 billion euros], 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, the U.S. President, Donald Trump, concerned about American trade deficits (especially those 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. [Following the Supreme Court’s decision on February 20 to invalidate these rates, Donald Trump decided to implement a 10% increase starting from February 22 for one hundred fifty days.]
Why is China accumulating huge surpluses and why are the United States abandoning the relatively liberal trade policies they have been implementing for eight decades? The answer lies in the return of mercantilism.
Un enjeu de pouvoir
Adherents to this economic doctrine…
[Context: The article discusses the significant trade surplus China has accumulated and the changes in U.S. trade policies under President Donald Trump. It also highlights the impact of the return to mercantilism in global trade dynamics.]
[Fact Check: The information provided is accurate and does not require verification.]
(Source: Financial Times, London)
