China’s exports surged in November, far exceeding market forecasts. While shipments to the U.S. dipped, that was offset by strong demand from other regions, including the EU. However, tensions are brewing: French President Emmanuel Macron is warning the EU could impose tariffs on China to address the bloc's widening trade imbalance.

Donald Trump has signed an order to impose tariffs imports into the U.S. from countries including China, Mexico and Canada.

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French President Emmanuel Macron has warned that the European Union may consider imposing tariffs on Chinese imports in response to the growing trade imbalance between the two economies. Macron's comments follow a significant rebound in Chinese exports in November, which rose by 5.9% despite a continued decline in shipments to the United States.

The reduction in U.S. trade was offset by increased Chinese exports to other regions, including the EU, Asia, and Africa. Macron stated that China’s diminishing imports are hampering its own economic growth and suggested that the EU could take measures similar to those implemented by the United States if the trade gap is not addressed.

Macron warns EU may hit China with tariffs over trade gap

The Chinese export figures in the month of November massively beat market expectations, although volumes to the U.S. were down despite the recent easing of trade tensions between the world's biggest economies. Now, total outbound shipments jumped 5.9 percent last month. That's a substantial rebound following October's surprise contraction. The reduction in U.S. trade was offset by rising shipments to the rest of the world, including to the EU. And speaking of that trade relationship between the EU and China, listen to this. The French president, Emmanuel Macron, says the EU may impose trade tariffs on China over its widening trade imbalance. Speaking to Francis Le Zeco off the back of his visit to China, Macron said he had told Beijing officials that they are hampering their own country's economic growth due to diminishing imports and that Europe could take measures like the United States has done. So that's an important narrative to monitor as well. But in the meantime, let's get a check on how Asia has been trading this Monday morning. We're actually seeing a little bit of pressure in terms of some of the markets across the Asian equity space, in particular the Hang Seng at this stage down by more than one percent. But Elaine is joining us live now with more. Elaine, just looking at those trade figures, astonishing really how fast China seems to have recovered the pressures that we're facing, that the U.S. is facing from the United States. Right, Sylvia, and we see China's export engine indeed revving up again after the surprise contraction that you mentioned in October. So exports grew 5.9 percent in November. That was beating the 3.8 percent forecast. But imports, though, edged up 1.9 percent, and that's short of the expected 3 percent. Now, November is the first full month after the U.S.-China trade truce. But if you zoom in on the data, you'll see Chinese exports to the U.S. continuing to fall, and that plunged 28 percent year on year. So despite the trade truce, U.S. tariffs are still high at around 37 to 47 percent currently, according to different estimates, and that is dragging down exports. But we see that China's pivot to other markets are continuing to pay off. Asian exports climbed nearly 15 percent. ASEAN shipments grew 8 percent year on year. And to African markets, those shipments soared more than 27 percent year on year in November. So China's trade diversion away from the U.S. is accelerating, and that's stoking fresh tensions with Europe now, Sylvia. And speaking of that, interesting to hear the French president, Emmanuel Macron, raising the idea that the EU might impose tariffs on China, given the trade imbalance. Well, first and foremost, tariffs would have to be done by the European Commission, not by an individual country. But I'm wondering, how is that being received in China after his state visit? China's rhetoric about the state visit has been a lot more positive and didn't really mention the tariff threat. But it really strikes me how when the Trump so-called Liberation Day tariffs back in April really roiled global markets and caused these geopolitical alignments, we're seeing now these tariffs, or at least threats of tariffs on Chinese goods, are becoming more common and normalized as different countries, especially the Western world, tries to cope with its trade deficit with China. And President Macron told the French newspaper Le Psycho that China could face U.S.-style tariffs if it doesn't address its massive trade surplus with the EU. And indeed, China runs a trade surplus in goods with 177 out of 225 economies. President Macron said that U.S. protectionism is pushing Chinese goods into other markets. And he had very strong language, saying this is a question of life and death for European industry. Sylvia? Yeah, another example of how European parts of Europe are indeed concerned about this additional trade to some extent with China. Elaine, thank you so much for the reporting.

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Macron warns EU may hit China with tariffs over trade gap

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