China's premier says higher tariffs have dealt a “severe blow” to the world economy, even as China's own trade surplus has surged past $1 trillion.

This year it might not be the Grinch who threatens to steal Christmas, but tariffs. According to an analysis by Lending Tree, if Trump’s tariffs had been in place last year, they would have increased consumer costs by $28 billion — about $130 per shopper.

By Joe Cash BEIJING, Dec 9 (Reuters) - China's Premier Li Qiang on Tuesday urged trading partners to reject rising protectionism, a day after the world's second-largest economy posted a record $1 trillion trade surplus driven by a rush of exports to non-U.

French President Emmanuel Macron warned that the European Union may be forced to take “strong measures” against China, including potential tariffs, if Beijing fails to address its widening trade imbalance with the bloc.

Despite U.S. ‍pressure to curb reliance on Chinese technology and ⁠components, imports from China stood at about $168 billion through November, up nearly 30% on the year and already well above all of 2024, itself a record year, Vietnamese data shows.

Mexican lawmakers are slated to begin debate this week on a bill to raise tariffs on goods from China and other Asian countries, three ruling party lawmakers told Reuters, amid fierce opposition from China and Mexican business groups.

Tariffs seem like holiday background noise, but Trump's 2026 trade decisions could move inflation, markets, and the U.S. economy in a big way.