For years, Donald Trump has inveighed against China, describing it as the root cause of all manner of ills in the United States. He has lamented Washington’s huge trade deficit with Beijing and blames China for hollowing out the American industrial heartland.

On Friday, in an early morning social media post, U.S. President-elect Donald Trump issued a clear threat to the European Union: make up for the “tremendous deficit with the United States by the large scale purchase of our oil and gas. Otherwise, it is TARIFFS all the way.”

People and companies in China—indeed in business communities around the world—have eagerly embraced Beijing’s promises to enact policies that will restore the nation’s economic momentum. However, disappointment has always followed.