As the US-Chinese trade war escalates, some elsewhere already see a silver lining. The battle between Washington and Beijing could allow companies in Europe, North America and Japan to steal a march on rivals facing greater barriers to doing business in the US and China.
But it is likely to be a much greater challenge for emerging economies in south-east Asia that are already deeply integrated in China’s supply chain.
“Trade wars are not good and they are not easy to win,” said Cecilia Malmstrom, the EU’s trade commissioner, responding to Donald Trump’s latest salvo of tariffs. That has not stopped economists and investors from looking for winners.
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