China ADRs & ETFs rallied in overnight trading after a US court blocked President Donald Trump’s sweeping 「reciprocal tariffs」, fuelling bets global trade tensions will ease. XPeng, Fangdd, JD.com, YINN up around 6%; Alibaba, PDD, NIO up more than 3%.
The US Court of International Trade in Manhattan ruled on Wednesday against Trump’s move to impose punitive tariffs on the nation’s trading partner, saying the president overstepped his authority. Twelve US states, led by Oregon, and five American businesses challenged Trump’s April 2 「Liberation Day」 measure. The Trump administration said it would appeal against the decision.