Chinese stocks and exchange traded funds slide on Wednesday morning off the back that press reports are calling a victory for Donald Trump to be elected as the 47th U.S President.

Trump who has echoed tariff rhetoric and a tougher stance on Beijing has Chinese stocks and exchange traded funds on their heels with Bank of America’s global research team saying “higher tariffs on China are likely,” in an investor note.

The financial institution went on to add: “We think tariffs on China are likely to increase significantly and in short order after Trump assumes office.”

As a result, the Hang Seng Index (HSI) struggled over night as it lost 2.2% and related Chinese stocks are stumbling in premarket trading all while the broader market averages in the U.S. are trading higher. Outlined below are early price action for some prominent Chinese focused stocks:

• Li Auto (LI) -6.5%.
• PDD Holdings (PDD) -5.5%.
• JD.com (JD) -4.3%.
• KE Holdings (BEKE) -3.1%.
• Alibaba Group Holding (BABA) -2.8%.
• Baidu (BIDU) -2.3%.
• NetEase (NTES) -1.5%.

Furthermore, investors and traders can also look to keep an eye on China-based exchange traded funds as well with Trump re-taking the oval office. See some popular ETFs focused around China below that are also in play:

China ETFs: (YANG), (KLIP), (CNYA), (ASHR), (KBA), (PGJ), (CQQQ), (CXSE), (GXC), (CHIQ), (CWEB), (YINN), (MCHI), (NYSEARCA:KWEB), and (FXI).