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Fighting the trade war from within

Kam Wei NG

While Trump may be intensifying the trade-war pressure on China, witness his latest threat (on 20 July) on imposing new tariffs on all Chinese exports (USD500 bn) to the US, Beijing seems to be retreating from offensive responses and resorting to fight the trade-war impact by adjusting its demand management policy to bailout its economy. The change in Beijing’s tactics may help reduce trade tensions and, thus, the uncertainty overhanging its asset market, and risk assets in general.

To see this, China has not released any tit-for-tat retaliation plans after Trump’s USD500 bn tariff threat as it did with earlier US tariffs on steel and aluminium products and the 25% tariff on USD50 bn Chinese exports. Instead…

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