The beneficiaries of US-China trade tensions

Asia has been relatively resilient to the coronavirus crisis. As most countries experienced SARS in 2003, they reacted faster and were better prepared to deal with Covid-19 than many of their Western counterparts. North Asia - particularly South Korea, Taiwan and Hong Kong - had few fatalities and has now exited lockdown. While stimulus by most developed countries has dwarfed GFC levels, Asia has so far not felt the need to follow suit, and the magnitude of stimulus has been far lower than in 2009. Therefore, there is still ample fire power if required. Interest rates in Asia are also hi...