SINGAPORE (Jan 29): Following the 2008 market collapse, the US, intentionally or not, unleashed a currency war. China survived, thrived and arguably emerged stronger with a revamped financial system that moves inexorably towards full internationalisation of the renminbi.

Now, US President Donald Trump is threatening a trade war with China. If such a war erupts, then there will be substantial collateral damage, just as there was in the post-2008 currency war. In this war, my humble Haier washing machine is potentially an early casualty, with the US already imposing higher tariffs on this and other selected items.

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