Wholly or partly foreign-owned companies in the country accounted for $980bn of China’s exports last year, or more than one-quarter, and $820bn of imports, or more than a third, data from China’s General Administration of Customs and calculations by the Financial Times showed. China registered a record trade surplus of nearly $1tn last year.

President Donald Trump misjudged Beijing by calculating that it would cave into economic pressure, leaving the US unprepared to handle the current tariff standoff, according to an adviser to China’s Foreign Ministry.

Beijing is going on an international charm campaign to coax other countries hit hard by “Liberation Day” tariffs to take on the U.S.