“We remain cautious, as the challenge to address US-China conflict remains high,” said Zhu. “The US-China conflict extends beyond trade to areas such as technology, intellectual property rights, market access, industry policy, and ultimately centers on the competition between the two economic superpowers.”

The topic of trade came up during the Federal Reserve’s September rate hike, but Fed Chair Jerome Powell addressed the notion of trade wars affecting the economy as one that would not receive considerable attention unless the data necessitated adjustments in monetary policy.

“Until we see it in the numbers, it’s hard to say how one would react,” said Powell.

Related: Trade Spat Not Hurting China’s Internet Expansion

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