U.S. dollar is only winner from China-West trade war

News Snapshot:

The only “winner” from a possible all-out trade war between the West and China will probably be the U.S. dollar. Uncertainty around global trade policy is the highest since 2018-2019 when clashes between former U.S. President Donald Trump’s administration and Beijing reached fever pitch. It’s nowhere near those peaks yet, but will be the focus of greater attention as the U.S. presidential election draws closer. Whoever wins in November, further tariffs on imports from China and likely retaliation seem inevitable. China already warns that a move by Europe to join the tariff train would constitute a “trade war.” Trump’s return...