Alice Han

But I come out from this trade war feeling that the Chinese policymakers have more resolve to, again, expedite some of these structural trends towards consumption. And in case of backlash against overcapacity to reroute through these third parties, we saw 20% year-on-year increases to exports to ASEAN.

But I come out from this trade war feeling that the Chinese policymakers have more resolve to, again, expedite some of these structural trends towards consumption. And in case of backlash against overcapacity to reroute through these third parties, we saw 20% year-on-year increases to exports to ASEAN.

I think that this will continue to gear up as they try to avoid any future tariffs from the Americans. Stay with us.

I think that this will continue to gear up as they try to avoid any future tariffs from the Americans. Stay with us.

I think that this will continue to gear up as they try to avoid any future tariffs from the Americans. Stay with us.

So Scott, I love this question because I think we always need to look beyond the data. So back in 2018, we saw the US share of Chinese exports being 20%. It's now around 14%, if not under. That is not the full story because the Chinese surplus, trade surplus to the US has increased quite a bit since 2018. So what we've actually seen is that China is rerouting

So Scott, I love this question because I think we always need to look beyond the data. So back in 2018, we saw the US share of Chinese exports being 20%. It's now around 14%, if not under. That is not the full story because the Chinese surplus, trade surplus to the US has increased quite a bit since 2018. So what we've actually seen is that China is rerouting

So Scott, I love this question because I think we always need to look beyond the data. So back in 2018, we saw the US share of Chinese exports being 20%. It's now around 14%, if not under. That is not the full story because the Chinese surplus, trade surplus to the US has increased quite a bit since 2018. So what we've actually seen is that China is rerouting

its trade through other parties in Latin America and Southeast Asia to, again, they call it tariff washing, to avoid some of these tariffs or restrictions that the Americans have put into place. So that number, I think, again, is a bit of a misleading number.

its trade through other parties in Latin America and Southeast Asia to, again, they call it tariff washing, to avoid some of these tariffs or restrictions that the Americans have put into place. So that number, I think, again, is a bit of a misleading number.

its trade through other parties in Latin America and Southeast Asia to, again, they call it tariff washing, to avoid some of these tariffs or restrictions that the Americans have put into place. So that number, I think, again, is a bit of a misleading number.

And again, we shouldn't forget that if we just look at the trade imbalances, China is a bigger trade surplus-running country with the rest of the world and the US than it was in 2018.

And again, we shouldn't forget that if we just look at the trade imbalances, China is a bigger trade surplus-running country with the rest of the world and the US than it was in 2018.

And again, we shouldn't forget that if we just look at the trade imbalances, China is a bigger trade surplus-running country with the rest of the world and the US than it was in 2018.

Again, it's a sign that it doubled down on this export engine because, as you mentioned, Scott, consumption wasn't doing well, local governments were debt-ridden and needed to pay their debt burdens, and the real estate sector was suffering. So I think Chimerica has become even bigger. The divorce settlement has become even bigger.

Again, it's a sign that it doubled down on this export engine because, as you mentioned, Scott, consumption wasn't doing well, local governments were debt-ridden and needed to pay their debt burdens, and the real estate sector was suffering. So I think Chimerica has become even bigger. The divorce settlement has become even bigger.

Again, it's a sign that it doubled down on this export engine because, as you mentioned, Scott, consumption wasn't doing well, local governments were debt-ridden and needed to pay their debt burdens, and the real estate sector was suffering. So I think Chimerica has become even bigger. The divorce settlement has become even bigger.

But what Trump has shown today, or rather yesterday, is that it can't afford this divorce settlement because China keeps increasing the stakes.

But what Trump has shown today, or rather yesterday, is that it can't afford this divorce settlement because China keeps increasing the stakes.

But what Trump has shown today, or rather yesterday, is that it can't afford this divorce settlement because China keeps increasing the stakes.