China's trade surplus is set to reach a new record high this year, increasing the risk that the Asian nation will face increased import tariffs into the U.S. from President-elect Donald Trump, Bloomberg reported.

The difference between Chinese exports and imports is on track to reach almost $1 trillion "if it continues to widen at the same pace as it has in the year to date," Bloomberg calculated.

According to the report, the goods trade surplus jumped to a record $785 billion in the first 10 months of the year, up 16% from the same period last year.

Trump Has Suggested 60% Tariffs on Chinese Imports

October's surplus was the third-largest monthly surplus ever, the report said, and comes as domestic demand has been weak and Chinese companies boost their exports. The country's "slowing economy, increasing electrification and rising replacement of foreign manufactured goods with domestic alternatives" have tamped down import demand, the report said.Trump has proposed tariff policies that he said would help bring manufacturing back to the U.S. The President-elect has said he would impose tariffs as high as 60% on goods made in China, which has been especially targeted by Trump's proposals.

The Bloomberg report follows a stimulus package announced by Beijing on Friday, which disappointed investors as falling short of boosting domestic demand, and dragged China-focused exchange-traded funds (ETFs) and stocks of Chinese companies listed on U.S. exchanges lower.

The iShares MSCI China ETF (MCHI) and U.S.-traded shares of Chinese conglomerate Alibaba Group Holding (BABA), online marketplace JD.com (JD) and Temu parent PDD Holdings (PDD) are all gaining in premarket trading Monday.