Good morning. China’s trade surplus hits a record ahead of Donald Trump’s return to the White House. UK Chancellor Rachel Reeves returns from Beijing with deals and investments. And Europe’s largest pension fund sells its entire stake in Tesla.

Trump has vowed to impose tariffs of as high as 60% on China, as well as lesser ones with the US’ biggest trade partners, threats that could upend global trade and economic growth. A harsher US tariffs regime could push China to seek stronger ties with developing nations: A new study by the Boston Consulting Group suggests that Beijing’s trade with the Global South — home to 62% of the world’s population — could surpass $1.