China beat forecasts for Q1, but the outlook for the remainder of 2025 remains uncertain as Beijing braces for the impact of hefty U.S. tariffs.

Mr Trump announced levies on almost all countries early this month but hit a pause on enforcement after the move spooked global stock and bond markets. He made an exception for China, however, increasing the cumulative tariff rate to 145 per cent after China retaliated with a 125 per cent levy on American goods.