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.

Domestic demand recovery remains weak, and Beijing, which has already launched two stimulus packages, could consider more measures. It has pledged to ease monetary policy and adopt a more accommodative fiscal policy in 2025.

The incoming administration’s first moves could give insights into Trump’s plans for China. In December, Trump appointed ex-US Senator David Perdue as the Ambassador to China. Perdue previously lived in Hong Kong and worked in China, well-positioned to improve US-China relations.