Trade was the word on everyone's lips during my recent trip to Washington and the mood is grim, writes Stephanie Kelly, political economist at Aberdeen Standard Investments.
The US and China trade war is going to get worse before it gets better and our working assumption is now that all Chinese imports into the US will be subject to tariffs sooner or later. The initial 10% rate on the latest tariffs being applied to up to $200bn of Chinese imports appears to be just a precursor for more swingeing measures. Carmignac's Saint-Georges: A reversal of US fortunes could be 'brutal' for investors It seems to be an attempt to give US companies time to adjust and soften the impact on consumer prices before Christmas and very likely to be followed by a 25% rate ...
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