It’s not that investors in China are sanguine about a trade war. It’s that they just began selling much earlier.

Chinese stocks tumbled more than 25 percent from mid-March through Oct. 18. That pushed valuations on Chinese stocks, by some measures, to their lowest levels in four years.

The steep declines were partly because China’s economy is more susceptible to a trade war than America’s. China sells a lot more to the United States than it purchases. The Trump administration’s aggressive approach to trade also came at a delicate time for China. The country was trying to tackle its considerable debt problem without slowing its economy further.

A similar shift in sentiment was experienced across emerging-market stocks. Pressured by trade, rising interest rates in the United States and a stronger American dollar, the MSCI Emerging Market Index fell about 20 percent this year to its low in October. That left those stocks looking cheap too.

Some of the pressures on emerging markets have eased since then. China and the United States agreed to a 90-day trade truce, the dollar has weakened and investors increasingly believe the Federal Reserve will slow its pace of rate increases. Over the last six weeks, emerging-market stocks have gained 5 percent.