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Analysts at RBS note that the US/China trade tensions are intensifying as evident from the White House’s imposition of 10% tariffs on $200bn of Chinese imports, rising to 25% in early January 2019.

Key Quotes

“US President Trump is threatening a further $267bn on Chinese imports if China retaliates. Such threats are apparently falling on deaf ears. Chinese authorities announced 5-10% tariffs on $60bn of US imports and pulled out of talks with the US.   Hopes of a resolution before the US mid-term elections in November appear to be fading.”