China’s top leaders are signaling they are on alert for a potential flareup of tensions in global commerce as they draw up economic plans for next year, after amassing a record trade surplus despite the tariff war with the US.

Global airlines stand to earn $41 billion in net income next year with 5.2 billion passengers taking to the skies, yet those records would be even higher if the industry overcame persistent supply chain issues, the top lobby group said.

Australia’s central bank Governor Michele Bullock called an end to a truncated easing cycle as policymakers gauge whether a pickup in inflation requires an extended interest-rate pause or a switch to tightening.

Two separate US delegations are in New Delhi this week to hold talks with their Indian counterparts, seeking to repair bilateral ties even as a trade deal remains elusive.

The US Department of Justice has detained two men for allegedly violating export control laws by attempting to smuggle at least $160 million worth of Nvidia Corp. AI chips to China. A third, the owner of a Houston company, has already pleaded guilty.

Mexico’s Congress is set to vote this week on President Claudia Sheinbaum’s proposed tariffs on China, part of a broader plan to shield local producers and ease trade tensions with the US. The move is fueling expectations that it could soon make room for US tariff relief on Mexican steel and aluminum.