The trade war : a strong risk for global growth

Highlights

• Sharp escalation of trade tensions between China and the United States

• The real issue at stake is not trade but technological leadership

• China will not give in to Donald Trump's excessive demands

• The trade war is set to last or even intensify

• The impact is already significant on global growth and this is poised to worsen

• Bond yields will remain low or even lower, and equity markets under pressure