◎ The Sino-U.S. trade war is underway. And China lacks “ammunition.”
◎ Xi is posturing for the moment, but future action depends on U.S. action.
◎ Xi could fulfill his Boao promise to open up China.
◎ China, and not the U.S., would be more severely affected by China’s soybean tariffs.
◎ China cannot stop importing soybeans from the U.S. for two reasons.
◎ We believe that Trump’s $60 billion tariffs are just the opening salvo. Expect harsher penalties to come.