China’s contribution to global growth is equal to US/EU/Japan combined 📈; so trade wars will have big consequences: eg does it cause their credit bubble to pop: China’s total credit mkt debt has gone from $7T–>$34T in 9 yrs. $3T in foreign reserves is no cushion now.
A 10% tariff across the board on all China imports into the US, results in a 15% hit to S&P 500 earnings – Goldman
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