"The good news: I don't think Donald Trump will cause a global trade war. The bad news: I believe that a trade war would be coming even if Trump had lost the election..."
"China is only a middle-income country, with GDP per capita substantially lower than ours... But all indications are that China's era of torrid economic growth is behind it."
"For decades, Chinese growth was fueled mainly by two things: a rising working-age population and rapid productivity growth driven by borrowed technology. But the working-age population peaked around a decade ago."
"Growth at any cost China, however, has built an economic system designed for the high-growth era that suppresses consumer spending and encourages very high rates of investment."
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