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.

But, surprisingly, some of the major casual-ties may be on the US front and this has an impact for investors who favour US markets.

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