China's leaders are bracing for shocks to the economy from higher tariffs threatened by U.S. President-elect Donald Trump once he takes office.

The FTSE 100 ( ^FTSE) and European stocks were mixed on Wednesday after Wall Street slumped last night and China’s currency hits a 16-month low on Trump tariff fears.

A new mayor will take office in San Francisco on Wednesday. Daniel Lurie will be inaugurated in a ceremony in front of city hall starting at 11:30 a.m.