Optimism surrounding a phase one trade truce between the US and China created a sanguine investment climate at the start of 2020. Including plans to rollback tariffs and address concerns regarding intellectual property rights, the deal assuaged anxieties that global supply chains would unravel and disrupt trade flows.
But as major economies contract while the prospects of a Covid-19 vaccine remain months away, the US and China are eagerly hoping to resume business activity to offset the slowdown. In doing so, both have also reignited bellicose rhetoric that had consumed global investors before the outbreak.
Political pressure over the pandemic is becoming increasingly hostile, as the two...
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