Advisers to president-elect Donald Trump have already begun playing down the prospect of a full-blown US trade war with China, amid concern that a new era of US protectionism would have damaging consequences for the global economy.
Indeed, some analysts wonder whether the tough trade promises made on the campaign trail may take a back seat as Mr Trump focuses on tax cuts and an infrastructure programme designed to boost US growth, the prospect of which has buoyed markets since Tuesday’s election.
“There aren’t going to be trade wars,” Wilbur Ross, the New York investor and Trump adviser, told US media last week.
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