China’s vast exports in 2024 exceeded its imports on a scale seldom seen anywhere except during or immediately after the two world wars.

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.

Trump has vowed to impose tariffs of as high as 60% on China, as well as lesser ones with the US’ biggest trade partners, threats that could upend global trade and economic growth.