Batteries and products that rely on rare earth minerals are among the most at-risk if the trade war escalates.

Donald Trump has extended a trade war truce with China for another 90 days, two US officials have said, just hours before his Tuesday deadline to steepen tariffs on the world’s biggest exporter. The US president’s move was widely expected because his government has been reluctant to reignite the fierce trade conflict with Beijing that rattled markets in April when US levies on Chinese imports rose up to 145 per cent.

Investors appear to be expecting another extension of the China deadline—anything other than that could be a shock.

Reacting to China’s remark that he was “playing with fire” for saying earlier the Philippines would “inevitably” get involved should war break out between Beijing and Washington over Taiwan, President Marcos said on Monday that he was “just stating facts.