China's trade surplus topped $1 tn this year despite US tariff pressure, data released on Monday showed. The two countries have reached a fragile truce in their trade war, and Beijing's strategy of diversifying its exports and moving into advanced manufacturing is strengthening its negotiating position. The Trump administration will have to up the ante if it wants China to back down from its investment-led growth strategy. In his second term, Trump does not have time on his side, but the protectionist rhetoric will not die down. Despite G20 economies putting in place industrial policies, China's share of global exports is poised to climb. This is not a welcome development in a deglobalising world economy.