China, for instance, had a trade surplus of $295 billion with the US last year on total exports of ... the “discounted reciprocal tariff.” The method for calculating the tariffs had been ...

The formula shown below uses a country's trade surplus as the numerator — with "x" representing total exports for a ... that Trump's team says was used to calculate reciprocal tariffs.

That means China’s trade surplus with the United States was 67% of the value of its exports — a value the Trump administration labeled as “tariff charged to USA.” But it was no such thing.