The USD/CNY spot rate has been quite stable over the past two months despite higher tariffs from the US, largely due to a weak USD.
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Beijing has expressed opposition to CK Hutchison’s plan to sell its Panama ports, and we doubt the deal can proceed as originally planned.
China has announced multiple retaliatory measures in response to the US’s latest 10-ppt tariff hike on Chinese goods.
Changes in the US-China trade portfolio between 2017 and 2024 highlight the shifting of some US supply chains away from China.
Trump has outlined his vision for US-China investment decoupling in a recent policy memo.
Recent developments suggest that engagement is not a current priority for either side, reducing the chance of a Xi-Trump summit in the next few weeks.
Beijing has fought back against Trump’s tariffs with a package including partial tariffs, export controls, and company-level probes.
Trump has fired the opening shot at China through the imposition of a 10-ppt across-the-board tariff hike on imports from China.
The first day of the second Trump administration began with many executive actions, including an extension for TikTok, but no tariffs.
The second Trump administration is likely to deploy tools beyond Section 301 tariffs to expedite its trade war 2.0.