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Report11 September 2018Updated one month ago

War and Peace: Making sense of Asian macro and markets

That trade wars make most people poorer is about the only thing most reputable economists agree on. So how did we get to this point and what does it mean for countries in Asia, which could end up bearing the brunt of this economic shift? 

Executive summary

Income inequality, stagnant living standards, de-industrialisation and automation are just some of the economic factors behind a surge in populism around the world and protectionist politics in the US.

But is a global trade war really the answer to these problems or will it simply make them worse? In this report, we look at the impact of a tit-for-tat trade war in Asia, where currencies have already started to tumble and central banks are hiking interest rates.