e Uneven tariff rates and the banning of some US goods
Epstein Suite indexes the text; the original document lives at its official source. We don't host the original file — view it on the official release to read it in full.
View the original on the official releaseDocument text
Text is machine OCR and may contain errors. Confirm against the original source above.
e Uneven tariff rates and the banning of some US goods
e Intellectual property theft
e Forced technology transfer
e Strategic US technology acquisitions
e Outright cyber theft
e Foreign ownership restrictions
Recent headlines that the trade war may be escalating to a cold war are not without merit, as we
believe that US-China relations are changing on a more structural basis and will have a longer-term
impact. On a short-term basis, however, US exposure to China is limited with merchandise exports,
corporate profits and foreign claims at about 1% of GDP. As seen in Exhibit 7, the Chinese equity
markets have also deteriorated much more significantly than US markets in 2018.
Of course, specific stocks with greater exposure to China through higher sales have underperformed
the S&P 500 by about 6% since the latest tariffs were imposed on $200bn of Chinese products, as
shown in Exhibit 8.
Source: Investment Strategy Group, Bloomberg.
HOUSE_OVERSIGHT_026901
Have a question about what this document contains?
Ask the documents