Hong Kong-listed stocks have tumbled while the Chinese offshore yuan has weakened in Asia in response to former U.S. President Donald Trump's lead in the ongoing presidential election count.

A potential Trump win would most certainly mean more tariffs on Chinese goods which could in turn further worsen the relationship between the world's two largest economies.

The Hang Seng Index (HSI) was last -2.83%, taking the brunt of the selling. Conversely, the Shanghai Index (SHCOMP) - the barometer for stocks on the Chinese mainland - was only slightly lower by -0.12%.

Meanwhile, the offshore yuan weakened more than 1% to the U.S. dollar (CNY:USD).

The imposition of tariffs by Trump, especially on Chinese goods, was one of the biggest policies of his administration when he served as the 45th U.S. President from 2017 to 2021. He has promised more tariffs if reelected - a 60% levy against Chinese goods and 10% against products from the rest of the world.

The trade relationship between the two superpowers has not improved much under President Joe Biden. His administration back in May proposed tariff increases targeting some $18B of Chinese imports, which were officially cleared in September.

Among other Asian markets, Japan's Nikkei 225 index (NKY:IND) was +1.92%. India's Sensex (SENSEX) was +0.46%.

The Japanese yen slid more than 1% to the U.S. dollar (JPY:USD), while the Indian rupee was marginally weaker to the greenback (INR:USD).

In the U.S., the dollar index (DXY) was +1.31%, its highest level since July.

Here are some exchange-traded funds of interest linked to the U.S. dollar and to China: (UUP), (USDU), (UDN), (KWEB), (PGJ), (CQQQ), (FXI), (GXC), (MCHI), (FLCH), (CNYA), (ASHR), and (YINN).

For investors looking to track the elections through market instruments, here are some politically driven Republican and Democratic ETFs:

• God Bless America ETF (YALL)
• American Conservative Values ETF (ACVF)
• Point Bridge America First ETF (MAGA)
• Democratic Large Cap Core ETF (DEMZ)
• Unusual Whales Subversive Democratic ETF (NANC)
• Unusual Whales Subversive Republican ETF (KRUZ)

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