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.

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.

President-elect Donald Trump vowed additional tariffs on China as well as US neighbors Canada and Mexico, roiling markets with his first specific threat to curb global trade flows since his election win.