War, tariffs and China: What the US midterms mean for the Asia-Pacific
Published . Updated .
Hit hard by Trump's tariffs and the war on Iran, countries in the Asia-Pacific want 'enormous changes' in US policies.
Directly affected
- No company is named in this report.
Indirectly affected
- XLI Industrial Select Sector SPDR-1.5% 30d
Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.
- XRT SPDR S&P Retail ETF
SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story.
- ITA iShares U.S. Aerospace & Defense ETF-3.0% 30d
iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story.
- KWEB KraneShares CSI China Internet ETF-4.6% 30d
KraneShares CSI China Internet ETF: it holds Chinese internet companies. Linked by “china” (Chinese tech) in this story.
- AAXJ iShares MSCI All Country Asia ex Japan ETF-5.9% 15d
iShares MSCI All Country Asia ex Japan ETF holds stocks listed in Asia, which this story is about (“asia”).
- FXI iShares China Large-Cap ETF-5.0% 30d
iShares China Large-Cap ETF holds stocks listed in China, which this story is about (“china”).
- NKE Nike+7.1% 30d
Nike (rubber and plastics footwear): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
- AAPL Apple+1.4% 30d
Apple (electronic computers): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| XLINo price data for this ticker | — | — | — | — | — | — | — |
| XRTNo price data for this ticker | — | — | — | — | — | — | — |
| ITANo price data for this ticker | — | — | — | — | — | — | — |
| KWEBNo price data for this ticker | — | — | — | — | — | — | — |
| AAXJNo price data for this ticker | — | — | — | — | — | — | — |
| FXINo price data for this ticker | — | — | — | — | — | — | — |
| NKENo price data for this ticker | — | — | — | — | — | — | — |
| AAPL | +2.48% | +3.04% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Market Call
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War, tariffs and China: What the US midterms mean for the Asia-Pacific Al Jazeera
Source: Al Jazeera
The price since 2 Nov 2026: Select Sector Spdr Tr (XLI) versus the S&P 500
| Company | When | Move | Status |
|---|---|---|---|
| AAPL | three days earlier | +3.04% | final price |
| AAPL | five days earlier | +2.48% | final price |
Trades by members of Congress and officials in the stocks in this story
- Donald J Trump, an executive branch official, bought Nike (NKE), worth $15,001 - $50,000 on 28 Aug 2026. That is 66 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Gilbert Cisneros sold Nike (NKE), worth $15,001 - $50,000 on 27 Aug 2026. That is 67 days before publication. Filed 10 Sep 2026. View the filing.
- Donald J Trump, an executive branch official, sold Nike (NKE), worth $100,001 - $250,000 on 21 Aug 2026. That is 73 days before publication. Filed 8 Oct 2026. View the filing.
- Rep. Pete Sessions sold Apple (AAPL) (held by a spouse), worth $250,001 - $500,000 on 2 Oct 2026. That is 31 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Pete Sessions sold Apple (AAPL) (held by a spouse), worth $100,001 - $250,000 on 22 Sep 2026. That is 41 days before publication. Filed 22 Sep 2026. View the filing.
- Rep. Cleo Fields bought Apple (AAPL), worth $1,001 - $15,000 on 8 Sep 2026. That is 55 days before publication. Filed 1 Oct 2026. View the filing.
- Rep. Lisa McClain bought Caterpillar (CAT) (held by a spouse), worth $1,001 - $15,000 on 28 Sep 2026. That is 35 days before publication. Filed 12 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Companies in defense around Select Sector Spdr Tr (XLI)
The side that tends to be hurt
- CAT Caterpillar
Caterpillar (CAT) tends to be hurt, medium confidence in the 2 Nov 2026 story “War, tariffs and China: What the US midterms mean for the Asia-Pacific.” Reason on file: Caterpillar (construction machinery and equip): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
- DE Deere
For “War, tariffs and China: What the US midterms mean for the Asia-Pacific,” Deere (DE) tends to be hurt, medium confidence. Reason on file: Deere (farm machinery and equipment): importers and exporters pay or lose sales when tariffs change. Linked by “tariff” (tariffs and trade) in this story
No up or down call on file
- XLI Select Sector Spdr Tr
In “War, tariffs and China: What the US midterms mean for the Asia-Pacific,” Select Sector Spdr Tr (XLI) is linked, with no stored direction, medium confidence. Reason on file: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
- XRT Spdr Series Trust
Spdr Series Trust (XRT) is linked, with no stored direction, medium confidence in the 2 Nov 2026 story “War, tariffs and China: What the US midterms mean for the Asia-Pacific.” Reason on file: SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
- ITA IShares U.S. Aerospace & Defense ETF
IShares U.S. Aerospace & Defense ETF (ITA) is linked, with no stored direction, medium confidence in the 2 Nov 2026 story “War, tariffs and China: What the US midterms mean for the Asia-Pacific.” Reason on file: iShares U.S. Aerospace & Defense ETF: it holds defense and aerospace contractors. Linked by “war” (defense) in this story
- KWEB Kraneshares Csi China Internet Etf
For “War, tariffs and China: What the US midterms mean for the Asia-Pacific,” Kraneshares Csi China Internet Etf (KWEB) is linked, with no stored direction, medium confidence. Reason on file: KraneShares CSI China Internet ETF: it holds Chinese internet companies. Linked by “china” (Chinese tech) in this story
Select Sector Spdr Tr (XLI) and the defense link
Select Sector Spdr Tr (XLI) is the company in “War, tariffs and China: What the US midterms mean for the Asia-Pacific,” the 2 Nov 2026 Defense story.
What ties Select Sector Spdr Tr (XLI) to the headline is this: Industrial Select Sector SPDR: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
Also listed, Spdr Series Trust (XRT): SPDR S&P Retail ETF: it holds companies hit by import costs and trade rules. Linked by “tariff” (tariffs and trade) in this story
The price range for Select Sector Spdr Tr (XLI), and the dates in the story
ITA traded between 197.59 and 215.76 across 20 sessions. The latest close on file is 209.72. XLI traded between 163.00 and 172.33 across 20 sessions. The latest close on file is 167.42.
A simple score for Select Sector Spdr Tr (XLI)
46 out of 100
“War, tariffs and China: What the US midterms mean for the Asia-Pacific” scores 46 out of 100. The score uses 1 sources, and 8 linked companies.