摘要
Trump's tariff on solar panels was matched by China's sorghum probe,raising fears of a trade war We expect U.S.-China trade frictions to intensify this year,as bilateral imbalances continue to widen Section 301 remedies appear more harmful for China,relative to impending steel and aluminium tariffs We expect a measured response from China,focusing on
Trade frictions detayed but not averted
U.S.-China trade frictions are set to intensify in 2018, in our view. China＇s trade surplus with the U.S. widened to USD 276 bn in 2017, 10% more than 2016 （Figure 1）. Bilateral trade imbalances are likely to worsen further, as the U.S. introduces fiscal stimulus and China pursues delever- aging.
