China has signed an expanded free trade agreement with the Association of Southeast Asian Nations. Premier Li Qiang has promoted economic ties with Beijing as an alternative to U.S. protectionist policies.

A tariff hike could potentially damage the Chinese economy. The U.S. imported about $438 billion worth of goods and services from China last year, making it the largest destination for China’s exports. In all, that figure accounts for about 15% of China’s exports, according to the Office of the U.S. Trade Representative.

Soybean prices reached a 15-month high Tuesday as the commodity, which makes up the U.S.’ largest agricultural export, is embroiled in the trade war between the U.S. and China that’s affecting American farmers. Soybean prices have risen more than 11% since July last year as the crop has become a major tool in U.S.-China trade negotiations.

President Trump told reporters as he flew into Japan that he expects to have a trade agreement with China finalized by the end of his tour of Asia.

China and the ASEAN bloc of Southeast Asian nations signed an upgrade to their free trade agreement on Tuesday, with leaders hailing the deal which spans the digital and green economy, and other new industries.

China's Sany Heavy Industry traded flat on its Hong Kong trading debut Tuesday after raising HKD$12.36 billion ($1.59 billion) in one of the city's largest listings this year.