China’s economy likely showed stability in the first two months of the year, despite US President Donald Trump returning to office and almost instantly starting a second trade war with Beijing.

Trump, who imposed a wave of tariffs on China in his first term, has slapped another 20% duty on a wide swath of Chinese goods this year. Beijing, the top buyer of American agricultural products, recently imposed retaliatory tariffs of 10% to 15% on a range of U.S. exports like chicken, corn, soybeans and beef.

China's imports of major commodities got off to a weak start in 2025, continuing the recent softening trend amid concern over growth momentum in the world's second-biggest economy.