President-elect Donald Trump signalled on the campaign trail that tariffs and border security are his top priorities. In addition to promising hefty tariffs on Canadian and Mexican goods on Monday, he also targeted China,

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.

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