Stock markets are rallying this morning on a delay of more trade tariffs between the world’s two largest national economies. But the industrial policy, intellectual property and transfer of technology disputes between China and the US are not likely to be resolved soon, and the global slowdown is likely to continue in 2019, with or without further concessions. After a decade long policy-extended credit supercycle, it’s free cash flow and demand that’s wanting, not more agreements.
Slower growth in China is affecting everything from smartphone sales to oil exports, and companies and countries in its orbit are beginning to feel the crunch.
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