Washington and Wall Street wake up to the reality that Beijing is happy to walk away (via MKTWGoldstein)
As Wall Street reels from the shock of a trade war exploding to new heights in the form of tariffs and counter tariffs, there’s another reality that is setting in — that China seems happy to walk away from trade talks.
Whether Beijing has miscalculated or not, China’s policy makers are betting that they can absorb a blow to the nearly $400 billion of exports that the country, on net, sells to the U.S. each year. That’s not to say China would escape unscathed from a full-fledged war. SocGen, for instance, says the drag from the trade war for China can be as high as 1.2% of its GDP. And that’s without modeling the greater impact on global confidence as well as China’s relations with key counterparts like the European Union and Japan.
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