Responding to the latest developments, Credit Suisse South Asia CIO, Ray Farris, said “Our core view is that a deal is still more likely than not, but that following this tariff rate increase it may take some more time” adding that the “resulting market volatility is likely to provide buying opportunities in U.S. and Chinese equities and credit, but it is probably too early in this process to be confident.” He warned that the “clear risk is that the current U.S.-China talks in Washington end without any resolution and Trump is not able to announce any plans for a conversation with Xi.”