Carmignac's Saint-Georges: The so-called trade war

Does the US have upper hand over China?

Donald Trump has been regularly upping the ante in the trade dispute he recently started with China, sparking serious concern in financial markets.

Moreover, one benefit of the US President's unpredictable nature is that it makes even his most outlandish threats seem credible. So it is no easy task distinguishing bluff from reality when Trump goes "all in" at the negotiating table. But above all, a large hike in tariffs on Chinese imports would be tantamount to breaking with two decades of progress in free trade. That prospect understandably gives the jitters to investors accustomed to equating globalisation with vigorous international trade, active consumer spending and robust profit margins in manufacturing - all of which ke...