The consequences of the U.S.–China tariff war.

• Japan’s Nikkei 225 rose to ¥37,608 this week, marking a sharp 7.87% gain over the past five days, as the index rebounded strongly with support from China’s so-called “national team” intervention and improving risk sentiment across Asian markets.
• The S&P 500 climbed to $5,668 this week, reflecting a 4.07% increase over the past five days — despite ongoing volatility and persistent U.S.–China trade tensions.

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