Emerging-market stocks rose, reversing earlier losses, as speculation intensified that China’s authorities will roll out fresh stimulus measures next month amid the threat of US imposed tariffs.

Shares were mixed in Asia on Wednesday, with Chinese shares leading gains, after U.S. stocks rose to records despite President-elect Donald Trump’s latest talk about tariffs. Tokyo’s Nikkei index fell 0.

ETFs that invest in stocks in Canada, Mexico and China were falling Tuesday, after President-elect Donald Trump warned about new tariffs

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.

Markets expect the Fed would need to keep rates higher to counter inflation that could be caused if Trump follows through on his threat.