Chinese ETFs and ADRs gained on Monday after the US suspended tariffs on an array of consumer electronics. PDD Holdings up over 8%; JD.com, Alibaba up around 7%; YINN up 6%; NIO, XPeng up about 4%.

The pause on duties on goods from smartphones to laptop computers - most of which are made in China — offers an interim reprieve for markets ravaged by Trump’s flip-flops on trade policy. Volatility shows little signs of easing as Trump tries to rewrite global trade rules that he says aren’t in favor of the US.

The late-Friday reprieve — exempting a range of popular electronics from the 145% tariffs on China and a 10% flat rate around the globe — is temporary and a part of the longstanding plan to apply a different, specific levy to the sector, the White House said. Still, a pause in the duties indicates a willingness by Trump to compromise on a deal, according to some analysts.

“Markets are desperate to get some opportunistic optimism in and will take any relief they can find, especially when a large carveout such as electronics, is slated for lower lower tariffs,” said Singapore-based Vishnu Varathan, head of economics and strategy at Mizuho Bank.