Recently, there have been signs of easing in the trade war, with U.S. Treasury Secretary Mnuchin stating that substantial progress is expected in U.S.-China trade negotiations in the coming weeks. Trump also indicated that he would not take a hardline approach towards China and is willing to negotiate in a friendly manner, and that U.S. tariffs on China will significantly decrease. As a result, financial markets reacted strongly, with the yuan appreciating, and Hong Kong stocks, U.S. stocks, and Chinese concept stocks surging. However, the U.S.-China trade war has seen multiple ups and downs in the past, and whether this easing expectation can be fully realized remains uncertain.