Only a third of China’s trade surplus was with the United States, and only a third of the U.S. deficit was with China. That makes for tricky math for the president-elect.

US-listed Chinese stocks jumped premarket Tuesday after Bloomberg reported that the Trump team is considering a gradual approach to tariff hikes. Online retailers JD.com and Pinduoduo spiked as much as 4% and 3%,

China might not be able to rely on trade to steer it out of trouble as blistering tariffs being considered by US President-elect Donald Trump threaten an already struggling economy.

Canada is preparing billions of dollars in retaliatory import taxes on American products if President-elect Donald Trump follows through on his tariff threats. Outgoing Prime Minister Justin Trudeau said the potential retaliation would be spread across the whole of the U.