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.

China might not be able to rely on trade to steer it out of trouble as blistering tariffs being considered by US President-elect Donald Trump threaten an already struggling economy.

Good morning. China’s trade surplus hits a record ahead of Donald Trump’s return to the White House. UK Chancellor Rachel Reeves returns from Beijing with deals and investments. And Europe’s largest pension fund sells its entire stake in Tesla.