Alice Han

Nearly a third of that growth came from net exports, and the yuan is estimated to be significantly undervalued.

That combination has fueled a record trade surplus and rising tensions with the U.S.

and Europe.

Now layer in last week's ruling from the U.S.

Supreme Court, which says President Trump overstepped his authority in imposing sweeping global tariffs under emergency powers.

If parts of that tariff stack come off, especially on China, it could reshape U.S.-China trade flows at the exact moment Beijing is being told it needs to pivot inward and boost domestic consumption.

James, the IEPA tariffs have been struck down.

There was a lot of speculation about this in the run-up to the Supreme Court ruling, but 6-3, pretty unanimous in striking down.

China is a big beneficiary.

I was looking into the data.

The effective tariff rate has gone down seven percentage points.

How do you think about this ruling and the way that China perceives it and the way that China may even be changing its strategy in advance of that April meeting between Xi and Trump?

Yeah.

And by the way, just to give you a data point to completely vindicate what you just said, James, I looked at the January data for electric vehicles in China.

We had 286,000 EVs that were exported from China in January.

That's up 104% year on year.

And now China represents, as of January this year, 49.6% share of total auto exports.

And that's, again, up 13 percentage points year on year.

BYD, which is a clear frontrunner, is exporting twice the amount of EVs that Tesla is at second place.

That's just to give you a sense of what is actually happening on the ground.