Amid markets’ relief rally following President Donald Trump’s trade climbdown, one country mustered a more muted reaction: China. That’s understandable, since the US leader raised tariffs on the People’s Republic even as he lowered them almost everywhere else. But with 90 days for other countries to try and strike a deal with the White House, China’s markets are a useful gauge of what might happen to them if the clock runs out.
On Thursday, while equity benchmarks in Japan and Taiwan soared 8 and 9 per cent respectively, China’s blue-chip CSI 300 added 1.3 per cent and Hong Kong’s Hang Seng, somewhat more aligned with the international mood, gained 2.1 per cent.
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