China’s manufacturing footprint accounts for roughly a third of global manufacturing value-added. In 2025, China had a global trade surplus of $1.197 trillion, with the manufactured-goods surplus approaching $2 trillion. Germany is the starkest developed-economy case, its car exports to China down sharply since 2022 and its once-formidable China trade surplus swinging into deficit. Bilateral trade touched a record $155.6 billion in 2025, with China’s surplus against India reaching $116 billion, roughly a tenth of China’s global surplus, as China overtook the US as India’s largest trading partner. The response will be difficult, protracted, and at times painful; given the scale and trajectory of China’s industrial ascent, it is also entirely unavoidable.