The migration of manufacturing to Mexico could undermine Trump’s promise to voters that ratcheting up tariffs on China would incentivize companies to bring production back to the U.S and give American companies a more even playing field.

China has strengthened trade with Latin America at the expense of the U.S. But Donald Trump, who threatens to raise tariffs on Mexico, could upend those ties.

Shanghai and Guangdong, two of China’s major exporting regions, have set modest growth targets as leaders warn of ‘external factors’.