TRADE TENSIONS are hardly apparent in Qingdao, a bustling port city in eastern China. The roads leading to the port’s terminals are crammed with lorries. A string of cargo vessels can be seen in the blue haze over the bay. China’s other ports seem to be just as busy: on July 14th officials announced that the country’s total exports grew by a healthy 5.8% year on year in June. In the first half of the year, exports grew at the same pace as they did in 2024, helping to keep China’s GDP growth on track to meet its annual target. For now, China’s exporters appear to have shrugged off trade tensions with America. But that might not last much longer.