Bloomberg reports that investors should seek portfolio hedges for Chinese equity positions as trade tensions with the U.S. mount, according to strategists at Societe Generale SA.

Stocks are yet to respond to a deterioration in U.S.-China relations since the coronavirus outbreak, particularly to developments over the summer, strategists including head of Asia equity strategy Frank Benzimra wrote in a note dated Aug. 24.

“Onshore equity markets have barely reacted,” they said. “The sanguine reaction of the market contrasts with the initial period of the trade war when tariff hikes weakened the market.”

The CSI 300 Index is up 16% for the year as China’s economy recovers from the pandemic, but White House actions against the country’s tech giants and a bill passed by the Senate in May which could restrict U.S. listings of Chinese companies have buffeted stocks recently.