Alice Han

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.

Yeah, that's a great question. I think in Southeast Asia, it has to be India because Apple and other companies are going to continue to diversify the supply chains and find alternatives for their components outside of China. And this is already happening. I think this wraps up quite exponentially the plans to, again, move some of the factory processes to India.

Yeah, that's a great question. I think in Southeast Asia, it has to be India because Apple and other companies are going to continue to diversify the supply chains and find alternatives for their components outside of China. And this is already happening. I think this wraps up quite exponentially the plans to, again, move some of the factory processes to India.

Yeah, that's a great question. I think in Southeast Asia, it has to be India because Apple and other companies are going to continue to diversify the supply chains and find alternatives for their components outside of China. And this is already happening. I think this wraps up quite exponentially the plans to, again, move some of the factory processes to India.

I think Vietnam and Indonesia and Malaysia, again, when it comes to final assembly or even manufacturing, will be beneficiaries. We've already seen massive greenfield investments from Chinese companies. I think that that continues in those countries in particular. So we should see a ramp up of their manufacturing output going to developed economies, including the US.

I think Vietnam and Indonesia and Malaysia, again, when it comes to final assembly or even manufacturing, will be beneficiaries. We've already seen massive greenfield investments from Chinese companies. I think that that continues in those countries in particular. So we should see a ramp up of their manufacturing output going to developed economies, including the US.

I think Vietnam and Indonesia and Malaysia, again, when it comes to final assembly or even manufacturing, will be beneficiaries. We've already seen massive greenfield investments from Chinese companies. I think that that continues in those countries in particular. So we should see a ramp up of their manufacturing output going to developed economies, including the US.

And in Latin America, I think Brazil is going to be a huge beneficiary. It's not a surprise that Lula is in Beijing signing that deal. We've seen in the last few years, Brazil overtake the US in terms of being the biggest exporter of wheat, soy, and corn to China, which is their biggest market.

And in Latin America, I think Brazil is going to be a huge beneficiary. It's not a surprise that Lula is in Beijing signing that deal. We've seen in the last few years, Brazil overtake the US in terms of being the biggest exporter of wheat, soy, and corn to China, which is their biggest market.

And in Latin America, I think Brazil is going to be a huge beneficiary. It's not a surprise that Lula is in Beijing signing that deal. We've seen in the last few years, Brazil overtake the US in terms of being the biggest exporter of wheat, soy, and corn to China, which is their biggest market.

So I think some of the Latin American agro-producers are going to be beneficiaries of this as China again tries to diversify away from the US. And similarly, I think that Europe could extract certain concessions. This is why I'm bullish at the end of June that there could be some kind of a deal over EVs or even Chinese investment in Europe.