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Story summary
- U.S. President Donald Trump will host Chinese President Xi Jinping at a Thursday state dinner.
- Michael Kovrig said Trump switched from high tariffs to hospitality after tariffs failed.
- U.S.–China goods imbalance fell in 2026 versus 2025 while China rerouted exports through Vietnam.
- China posted a $1.2 trillion trade surplus last year, driven by low-priced EVs undercutting German, Japanese, South Korean auto markets.