China entered the fourth quarter with a more balanced economy as consumption growth nearly caught up to factory output, in an upswing that now depends on how much more stimulus Beijing may deploy in the event of a tariff shock when Donald Trump returns to the White House in 2025.

As China attempts to move towards a consumption-based economy, the Politburo is trying to eliminate economic drags before President-elect Donald Trump imposes tariffs. While the markets are pessimistic,

China must be careful not to engage in another round of tit-for-tat tariffs when Donald Trump returns to the White House, a highly regarded Beijing-based analyst has urged. "We need to be very careful not to fall into the tit-for-tat trap,

China will fight back if President-elect Donald Trump follows through on his promise to impose a 60% tariff on Chinese imports, according to Zhu Min, a former top official at the Chinese central bank.