Traci Mumford

And trade data released by the Chinese government yesterday offers a new look at the impact of Trump's tariffs.

The data shows that the tariffs reduced China's trade surplus with the U.S.

by 22 percent last year.

But overall, China still managed to have the largest global trade surplus in world history.

It exported a trillion-plus more dollars of goods and services than it imported.

There are several factors at play there.

Chinese companies have been able to more than make up for lost sales to the U.S.

by finding new international customers.

Also, Beijing has made a big push to rely more on domestic production.

And many Chinese consumers have been strapped for cash with the country's economic woes, leaving them struggling to afford the flood of goods coming out of Chinese factories.

So those factories have shipped them abroad instead.

In California, there's a major push underway to get a new billionaire tax on the ballot.

But the state's governor, Gavin Newsom, is already vowing to stop it.

The proposed initiative would require Californians with a net worth of over a billion dollars

to pay a one-time tax equal to 5% of their assets.

It would apply retroactively to anyone who was living in the state as of January 1st.

It's being pushed by a large union of health care workers who say the tax is necessary to make up for the deep funding cuts President Trump signed into law, like reductions in Medicaid.

Supporters are working to gather the nearly 900,000 signatures they will need to put it to a vote in November.

Newsom, however, told The Times he's working relentlessly behind the scenes to keep that from happening.

He has long been opposed to a wealth tax because of concerns that it would stifle innovation in his state.