A tariff hike could potentially damage the Chinese economy. The U.S. imported about $438 billion worth of goods and services from China last year, making it the largest destination for China’s exports. In all, that figure accounts for about 15% of China’s exports, according to the Office of the U.S. Trade Representative.

U.S. President Donald Trump and Chinese leader Xi Jinping are set to discuss a trade framework Thursday that would reduce U.S. tariffs on Chinese goods in exchange for Beijing’s commitment to curb ex...

That sent stocks sharply higher, with South Korea's KOSPI (.KS11) and Japan's Nikkei (.N225) adding more than 2% each and crossing landmarks to record highs.