Capital Economics with the note.
Donald Trump’s previous tariffs did surprisingly little damage to China’s economy, but China may find it harder to shrug off the damage in a rematch.
Mr Trump is threatening larger tariff increases if he is elected again. And the factors that cushioned the impact last time – currency depreciation and tariff evasion – would probably provide less protection. Another round of tariffs may also accelerate the still-nascent shift of production out of China.
