The ASX share market has thrown up a number of opportunities with the tariff trade war building between the US and various countries. I think lower share prices after the market correction can help us unlock greater long-term returns.

The lower the price-earnings (P/E) ratio the business goes, the better value it is in my eyes. For example, if a company falls by 10%, then the P/E ratio becomes 10% cheaper.

As a bonus, if the business pays a dividend and the share price falls 10%, the dividend yield is boosted by 10%, too. For example, if the company had a 3% dividend yield, a 10% decline in the share price would make the dividend yield 3.3%.

With that in mind, picking great investments at these lower prices is really exciting to me. Below are two ASX shares that I think are really compelling buys today.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

This is the largest position in my portfolio, and I'd be very happy to buy more Soul Patts shares at the current price.

One of the main reasons I like it so much is that it has a diversified, defensive portfolio that could be well-suited for the current uncertain economic conditions and continue generating solid profits.

It's invested in sectors such as Australian and Asian telecommunications, resources, agriculture, swimming schools, electrification activities, financial services, healthcare, nuclear energy, and so on.

The business has been listed for over 120 years, so it has already displayed excellent longevity. It has diversification and the ability to invest in new sectors for its portfolio (such as swimming schools). That investment flexibility allows the company to future-proof itself and continue generating good cash flow and paying good dividends.

Speaking of dividends, the business has grown its annual ordinary dividend per share every year since 2000. That's the longest passive income growth streak on the ASX, and it has a grossed-up dividend yield of 4.1%, including franking credits.

VanEck Morningstar Wide Moat ETF (ASX: MOAT)

This isn't an ASX share exactly, but it's an exchange-traded fund (ETF) that is listed on the ASX.

This portfolio is focused on US companies that Morningstar believes possess sustainable competitive advantages, which can also be called a (wide) economic moat.

The portfolio's target companies are those that Morningstar analysts believe have competitive advantages that can likely endure for at least two decades.

I expect these businesses to endure and succeed in the long term, regardless of what happens this month, this year, or even in the next four years. They have been identified as businesses with the ability to make good profits for many years to come.

As a bonus, the MOAT ETF only invests in these great businesses when the analysts believe the stocks are undervalued.