The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable, Fred Kempe writes.
anniversary of the People's Republic of China, is unlikely to slow this trend, and neither will China's responding exemption of pork and soybeans from new tariffs.
LNG has transformed global gas markets dramatically in recent years, driven largely by significant demand in China and the rest of east and southeast Asia. However, in a market where financing is driven by long-term contracts, often even before construction begins, American suppliers are already gauging the potential costs, until recently unanticipated, of lost Chinese buyers.
The tit-for-tat tariffs and accompanying Trump tweets have been driving markets all year, but what traders haven't even begun to price in is the longer term, structural impact of this decoupling and its particular danger to individual companies. Encouraged by his trade advisor Peter Navarro, President Trump made his own decoupling druthers clear in a late-August: "Our great American companies are herby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA."
Said Xi, "For those risks or challenges that jeopardize the leadership of the Communist Party and China's socialist system; for those that endanger China's sovereignty, security and development interests; for those that undermine China's core interests and major principles; and for those that deter China's realization of a great national rejuvenation, we will wage a determined struggle against them as long as they are there. And we must win the struggle.
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