When Chinese President Xi Jinping congratulated Donald Trump on his victory in the US presidential election last week, he expressed hope that both countries would find the right path in the new era and that mutual understanding would benefit the rest of the world.

Asked how China would respond to Trump's claim about tariffs on Chinese goods, Chinese Foreign Ministry spokesperson Mao Ning said there are no winners in a trade war and the world will not benefit from it.

Following Trump's victory, many expect the incoming president to be tougher on China than his predecessor, especially on trade and economic issues, which will impact an already struggling economy.

“China ETFs have taken a big hit because Trump has historically focused on reducing dependence on China to boost American manufacturing,” said Roxana Islam, head of sector and industry research at TMX VettaFi.

Bloomberg writes that UBS has lowered its growth forecast for 2025 and expects China's economy to grow by 41.3% in 2025. The publication predicts that Asia's largest economy will grow at an even lower rate in 2026.

“Trump’s re-election as US president will not improve relations with China, but will continue sanctions and the trade war with increased tariffs,” said veteran political journalist Gao Yu. He cited the sharp decline in Chinese stock markets as the reason for this statement.

Rana Mitter, director of the China Center at Oxford University, said that China-US relations are likely to go through a turbulent period if Trump follows through on his promise to impose tariffs of 601 trillion won on Chinese imports.