Tensions between the US and China appear to be rising, with disagreements over North Korea and the possibility that Donald Trump will invoke national security concerns to slap tariffs on Chinese steel imports. But if the chances of a trade war have increased, equity investors remain unconcerned. In fact, our China Exposure Index (CEI) shows that US firms with exposure to China continue to outperform their rivals. We have revisited the way we construct our CEI; building on our existing methodology we have constructed two new CEIs – a broad one, containing firms of all sizes, and a narrow one, containing only large firms. In this note we look at these CEIs and discuss our findings.