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Emerging markets are betting on a post-tariffs winner — and it’s not China or the U.S.

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Southeast Asian nations were among the hardest hit on U.S. President Donald Trump 's self-declared " Liberation Day " They're due to be hit with tariffs of up to 49% after a 90-day temporary reduction to 10% on all countries (bar China ) is lifted.

Chinese President Xi Jinping visited Vietnam , Malaysia and Cambodia earlier this month in an effort to promote Beijing as a pillar of stability.