The budding “bromance” between President-elect Donald Trump and Vladimir Putin makes for entertaining headlines. But in courting the Russian strongman while bashing China, Trump may be jeopardizing U.S. corporations, according to an analyst.

“When it comes to China and Russia, the signals from the incoming Trump administration have been more hard-line toward the former, while more sympathetic toward the latter,” said Joseph Quinlan, chief strategist at U.S. Trust, Bank of America Private Wealth Management, in a recent note.

Since his stunning victory on Nov. 8, Trump has launched a vigorous attack on China for what he claims are unfair business practices, playing into the popular myth that the Asian country is taking the U.S. for a ride when it comes to trade.

Meanwhile, Trump has gone out of his way to laud Putin despite evidence that Russia hacked into Democratic Party computers in a bid to influence the outcome of the U.S. election.

The problem is that although the president-elect’s tough talk on China may resonate with his supporters, for American corporations, China is far more important than Putin’s Russia.

“U.S. policies scorning China but cuffing Russia present unappreciated micro/market risks,” said Quinlan, echoing the sentiment among analysts on Wall Street that a potential trade war between the U.S. and China is among the top risks for 2017.

“A trade war between two of the world’s largest traders would subdue global growth and throw sand in the gears of globalization, while sowing downside pressure and volatility across various asset classes,” he said.

Indeed, if U.S. corporations are ever put into position of having to choose one country over the other, there really is no contest. China eclipses Russia in every way.

China’s gross domestic product is eight times larger than Russia’s while China’s consumer purchasing power is nearly six times larger than its neighbor’s, according to Quinlan. China’s presence in the U.S. debt market is also substantial with the Asian country holding some $1.1 trillion in Treasury notes as of October. In contrast, Russia owned roughly $75 billion in total.

“The importance of China relative to Russia for Corporate America is night and day,” said Quinlan.

Based on total assets of majority-owned foreign affiliates, the U.S. interests in China are more than five times larger than in Russia.

“U.S. policies are titling toward the more commercially unattractive Russia versus the better looking China, a dynamic the markets have yet to consider or price accordingly,” said Quinlan.

David Cui, a strategist at Bank of America Merrill Lynch, agrees that the market is underestimating the risk of trade friction and predicts China would not easily back down in any dispute with the U.S.

“The government must not be perceived as weak,” he said, particularly with the 19th National Congress of the Communist Party scheduled for later this year.

Delegates at the closely watched congress will choose the new leadership of the Communist Party and in effect, the country, for the next five years.

Whether Trump’s newfound affection for Russia is a brief fling or a policy shift for the U.S. government, there will be plenty of drama ahead.