The White House has said its agreements with the U.K. and China are starting points, but so far the Trump administration has given up more than it has gained.

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.

The president has backtracked repeatedly on his tariff policies, creating a whiplash with downsides and few clear benefits so far.