SINGAPORE (Aug 6): I had hoped to write about something other than US President Donald Trump’s relentless trade war with China, but this week’s announcement of additional tariffs on Chinese goods means that the trade war remains front and centre.

On the surface, Trump would have us believe that this tariff war is about unfair trading practices and the loss of American jobs. That is a great story for the unsophisticated American farmer and steel worker, with the former now benefiting from Depression-era farm subsidies.

If we accept this narrative at face value, then investors can adjust their portfolios and investment strategies to minimise any immediate harm, or reap some transitory benefits.

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