The Only Chart That Matters... Global Impact Of Trump Tariffs Will Be Determined By Beijing

While many nations claim to be hard hit by President Trump's tariff-a-palooza, the key focus over the next few days should clearly be China.

As Deutsche Bank's George Saravelos noted earlier, there is no doubt that the big negative surprise today has been the 50%+ tariff rate on China (far worse than expectations) and the key connector economy Vietnam - affecting $600bn worth of manufactured goods to the US combined.