By Nicole Johnston, Asia Correspondent

Chinese President Xi Jinping has congratulated Donald Trump on his election victory, saying the two countries would “benefit from cooperation and lose from confrontation.”

But behind closed doors, Chinese officials may be holding their seats. Expect a wild ride in China-US relations.

Trump’s first blow will likely come in the form of tariffs. He has advocated 60% tariffs on Chinese products and removed them from favored trading nation status.

This could be a fuss, but it could also be exactly what Trump has in mind for China. No one knows for sure.

Either way, China will need an economic plan on how to respond.

The 60% tariffs could slow China’s GDP growth by 2.5%, halving it. This would be a major blow to the country’s economy at a time when the country is dealing with the slump in the real estate sector, weak consumer spending and youth unemployment.

China does have levers to pull. It could impose tariffs on U.S. agricultural exports and export controls on crucial minerals.

Coincidentally, Chinese officials are meeting in Beijing this week to hammer out their latest financial package to revive the economy. If they take Trump and tariffs into the future, the Chinese government could decide that a bigger stimulus plan is needed.

The other important question is Taiwan.

China wants to ‘reunify’ with this self-governing democratic island. The island wants to maintain the status quo.

What does President-elect Trump want? Based on his comments, he wants Taiwan to pay for its defense. It’s a common complaint that South Korea and Japan may also get used to.

Countries in Asia will also watch to see how a Trump presidency handles the war between Russia and Ukraine.

If Russia is allowed to retain Ukrainian territory, there are fears in the region that it would encourage President Xi to blockade Taiwan to force the country to submit to unification, or to undertake a short, sharp war over the island to take.

In Asia there is a feeling that the rules are out, that personal relationships are back and that trade wars are on the way.