Deteriorating relations between the world's two largest economies, at a time when the world faces an unprecedented recession, is a clear negative. Whilst China's Foreign Minister warns of a new 'cold war', the US response to China's increased assertiveness over Hong Kong has been relatively restrained so far but risks a tit-for-tat escalation and unraveling of the 2020 Phase 1 trade deal. We highlight the US companies most exposed, the complacency we see that makes the risks one-sided, and the potential headwind to US equities (SPY) best performing and largest sector, Tech (