The trade war between China and the US has lasted for over 18 months and this has caused damage. China has suffered, but it is not losing very big yet. In fact, its current account surplus rebounds in 2019 and is on track to hit over $200bn (1.5% GDP) for 2019, defying speculations that the country was about to fall into current account deficit.
The US Congress is paying significantly more attention on China and the stance is increasingly hawkish with bipartisan support. Following the recently passed bills on Hong Kong, the Uyghur Human Rights Policy Act (UHRPA) will likely pass tomorrow. we expect more bills to become law in 2020 on Taiwan and 5G. These will irritate Beijing but have little impact on the Chinese economy.