China accounted for 5.89% of all U.S. trade in May, its lowest percentage in decades. Trump’s tariffs or trade trickery? It’s hard to dispute it’s a remarkable shift.

Since US President Donald Trump – just days into his second term – began imposing tariffs on China for its role in the flow of deadly opioids like fentanyl into the United States, Beijing’s message has been clear.

It shows how China has been able to keep growth on track through exports and investment even as it struggles with weak demand at home. Shuang Ding, chief economist for greater China and north Asia at Standard Chartered,