A day after China and the U.S. agreed to a 90-day truce in their tariffs stalemate, China is moving to strengthen its alliances as a counterweight to President Donald Trump's trade war.

Mitsubishi stopped building vehicles in the US in 2015, ultimately selling its production facility in Normal, Illinois, to Rivian. Company boss Takao Kato has acknowledged that “local production will be extremely important in the future,” and its alliance with Nissan and Renault could allow it to avoid opening up a new factory in North America.

Hong Kong's benchmark Hang Seng Index closed 3% higher after both the U.S. and China chose to de-escalate a budding trade war.