摩根士丹利：2025年关税战降级？我们的想法（英文版）

In a major tariff de-escalation scenario, we would expect large.cap internet/tech, consumer and healthcare to do well, andoffshore to outperform onshore.However, we advise patienceand a balanced approach near term, given a much higher bar fordeal-making and fundamental conflicts of interest.What happened: Market sentiment has seen a significant improvement afterovernight comments by US President Trump that tariffs against China will dropsubstantially, and by US Secretary of the Treasury Scott