While China could offset American tariffs by letting its currency fall, that might endanger Beijing’s recent efforts to stabilize the economy.

Trump announced plans to impose 10% tariffs on Chinese goods “above any additional Tariffs,” after blaming the country for the inflow of illegal fentanyl into the U.S.

President-elect Donald Trump vowed additional tariffs on Mexico, Canada and China, shaking markets with his first specific threats to the US’s top trading partners since his election win three weeks ago.