The world's number-two economy is closely watching as Trump threatens to renegotiate the North American Free Trade Agreement and presses Mexican President Enrique Peña Nieto to finance construction of a border wall. The Mexican economy, already facing a slowdown, could deteriorate further under both scenarios.

Either way, strategists widely agree Mexico will look to reduce dependence on its largest trading partner, and Beijing is likely to emerge as a contender to replace the void left by Washington.

From investments in Africa to South America, Bejing has been carefully extending its sphere of influence in regions well outside its backyard as it looks to cement status as a global superpower.

A number of U.S. allies have expressed concern over the apparently isolation-prone Trump administration, and China is looking to exploit that dynamic. Chinese President Xi Jinping emphasized that point at the World Economic Forum in Davos last month, saying his country was ready to take on a leadership role in international trade.