Eight years of U.S. tariffs have failed to curb Chinas manufacturing strength, with Beijing posting a record $1.2 trillion trade surplus by redirecting exports away from the U.S. and into Europe and Asia.

The seemingly inexorable rise of China’s trade surplus, which hit $1.2 trillion last year, is petrifying policymakers around the world.

For eight years, the United States has waged economic war on China, slapping big taxes on Chinese products before they enter America