In South American copper giant Peru, the incoming Donald Trump White House will find itself already on the losing side in a trade battle with China, part of a bigger power realignment around the resource-rich region in Washington's backyard.

He is far from the only trade optimist in South-East Asia. During the last round of American tariffs on China, trade and investment gushed into the region as firms developed “China plus one” strategies,

Weaker domestic demand means China has been relying more on exports to boost economic growth.