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.

U.S. President-elect Donald Trump made his first pledges on trade policy since winning the presidential election, taking to Truth Social to pledge new duties on imports from China, Mexico, and Canada soon after taking office in January.