In recent weeks, it has become abundantly clear that the path of the global economy will depend on the outcome of the ongoing trade standoff between China and the United States. Investors are finally starting to grasp the implications of a full-blown trade war, an event previously considered a low-probability tail risk. With both sides appearing surprisingly recalcitrant as of late, it is crucial to understand who is more vulnerable amid this unfolding war of attrition. This will be a vital component in assessing how markets will react should an agreement remain elusive.
President Donald