A Test Of Endurance Is Underway As Trump Narrows Trade War Focus On China
Source: SeekingAlpha
2025-04-10 01:40:00 ET
Summary
- Direct US-China trade will likely crater starting with the April data, but certainly won't disappear overnight.
- Trump's tariff reprieve will keep re-export channels open for at least another quarter, and we suspect that this round of tariff shocks could lead to many importers frontloading imports again with more urgency this time around.
- There have been many voices in the markets interpreting the People's Bank of China's weakening of the CNY fixing as a sign of devaluation in the face of tariff pressure, but this argument does not stack up.
By Lynn Song
Tariff escalation abruptly sends trade friction into the endgame
As my colleagues have covered in an earlier piece, Trump's latest sledgehammer tariff reversal was "not just chaotic, but crazy." In most of the world, investors likely were able to breathe a sigh of relief, but in China, no such tariff reprieve is on the table quite yet....
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A Test Of Endurance Is Underway As Trump Narrows Trade War Focus On China
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