China Has Already Lost the Trade War

China Has Already Lost the Trade War

“China needs the U.S. surplus more than the U.S. needs China’s trade and finances,” notes Spanish author and economist Daniel Lacalle. “And that is why the trade war will not happen. Because China has already lost it. China cannot win a trade war with high debt, capital controls, and U.S. exports’ dependence. A massive Yuan devaluation and domino defaults would cripple the economy.”

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