China’s export machine has been running hot for years. Michael Froman, president of the Council on Foreign Relations and former US Trade Representative, is now arguing it’s about to overheat.
Writing in Foreign Affairs, Froman lays out a case that China’s growth model, built on flooding global markets with cheap goods, is approaching a structural wall. The core problem: the rest of the world simply can’t absorb what China keeps producing.
The numbers tell a stark story
China’s goods trade surplus swelled to nearly $1.2 trillion in 2025. That’s not just big, it’s growing at roughly three times the pace of global goods trade overall.
In early 2026, that surplus was expanding by more than 20% year-over-year.
