China

China's trade surplus narrowed from $125.6 billion in June to $112.5 billion in July, as export growth of nearly 24% and import growth of 27.5% both came in below June's pace. For the January through July period, high-tech exports rose nearly 41% and vehicle shipments grew 55%, while exports to ASEAN outpaced those to the U.S. and EU by a wide margin. The tariff arrangement suspending the U.S. 24% reciprocal tariff and China's countermeasures is set to expire on November 10, 2026, with no extension confirmed.