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Michael Pettis: Trade policies do not impact overall imbalances

Michael Pettis: Trade policies do not impact overall imbalances
Trade actions do not alter imbalances

Michael Pettis argues that trade policies which may appear impressive to policymakers and dealmakers have no actual effect on the overall trade imbalances.

He stresses that a misunderstanding of trade mechanics, including the balance of payments, contributes to misguided policies.

Pettis has previously highlighted how persistent currency weakness amid growing trade surpluses challenges free-market principles in prior commentary. He has also drawn attention to the pressure on smaller Chinese banks as higher real estate exposure limits their lending, according to recent analysis.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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