US President Donald Trump’s all-out assault on China seems to have backfired. The US China balance of trade figures — the much-touted China trade deficit — is actually larger now than it was when Trump was elected. The trade surplus with the US hit US$34.2 billion ($46.7 billion), the largest on record. The 9.5% y-o-y increase in China’s exports during August have also highlighted the rebound in the world’s second largest economy as the US continues to struggle with its own Covid-induced crisis.

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