Speculative fever in Chinese stocks is running red hot and catching the attention of some global funds, who figure local money is worth following into market segments sheltered from tariffs and likely to ride an eventual economic recovery.

He thinks Trump is serious about his campaign promise to impose tariffs of 60% on all Chinese goods. American businesses are dusting off a playbook they used during Trump’s first term: stocking up on imported goods before tariffs are enacted.

Numerous major U.S. corporations addressed tariffs at recent investor events and on conference calls, including some after the Nov. 5 election, when Trump edged out sitting Vice President Kamala Harris.