China’s trade surplus topped $1 trillion for the first time as manufacturers seeking to avoid President Donald Trump’s tariffs shipped more to non-U.S. markets in November, with exports to Europe, Australia and Southeast Asia surging.

Asia enters 2026 with slowing growth, softer exports and uneven consumer demand, but ING says the region remains supported by tech-driven investment, lower inflation and the prospect of broad rate cuts.

China’s Premier Li Qiang said on Tuesday the "mutually destructive consequences of tariffs have become increasingly evident" over 2025, in remarks at a "1+10 Dialogue" including the heads of the IMF, World Trade Organization and World Bank.

Oil prices were steady in Asian trade on Tuesday after a sharp drop in the previous session, as traders weighed renewed supply from Iraq, developments in Ukraine peace efforts, and expectations ahead of the Federal Reserve meeting.

Most Asian stocks moved in a flat-to-low range on Tuesday amid growing caution before a Federal Reserve meeting this week, while Australian stocks retreated before a Reserve Bank rate decision. 

The U.S. Commerce Department said on Friday that its delayed Personal Consumption Expenditures price index accelerated slightly to 2.8% in the twelve months to September, up from 2.7% in August and meeting economists’ projections.