Core Viewpoint - China's trade surplus is expected to exceed $1 trillion for the first time by 2025, despite facing challenges such as the "Trump tariffs" and excess production capacity [2]. Group 1: Trade Performance - From January to November, China's exports to the U.S. decreased by 19%, while exports to the European Union increased by 8% and to ASEAN by 14% [2]. - The global trade distortion issue is expected to deepen by 2025 due to the impact of U.S. tariffs and China's surplus production, leading to Chinese products entering European and Southeast Asian markets at disruptive low prices [2]. Group 2: Global Trade Dynamics - U.S. Treasury Secretary has indicated that the world cannot fully absorb China's excess production capacity, suggesting that countries outside the U.S. may also raise tariffs on Chinese products [4].