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China and the United States have engaged in a bitter trade war since US President Donald Trump took over the presidency in 2016. With the hard stance the US leader adopted towards Beijing amid the coronavirus pandemic, investment strategist Meghan Schue warned of trade tensions “ramping up” in the coming months. The Head of Investment Strategy at the Wilmington Trust told CNBC: “We are definitely worried about US-China tensions escalating.
“We’ve seen them bubbling up in recent days and weeks and we think it’s probably going to continue.
“What’s interesting is that, in a very divisive environment in Washington, China, specifically taking a hard stance on China, is one of only a very few issues where there is bipartisan support.
“There’s not much room on the political stage for someone seen being soft on China.
“We think the tension with China is going to continue to ramp up into the election.”
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Ms Schue added: “From an investor and market perspective, it’s definitely a concern.
“We’re very much, the US and China, intertwined in relation to trade.”
US President Donald Trump took on a harder position over trade with China from the early days of his presidency, insisting unfair competition from Beijing cost American workers their jobs.
Over the past four years, the US issued a series of sanctions against Chinese manufacturers and Republican Senators in May introduced a new bill that would allow the US President to impose new penalties on Beijing over their alleged failure to cooperate during the COVID-19 outbreak.
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President Trump on Saturday announced he had invited Australia, India, South Korea and Russia to a future G7 meeting as he lamented the group had become “very outdated.”
White House spokeswoman Alyssa Farah confirmed the President wants China to be a key point of discussion during the summit.
South Korea and Australia are long-standing allies of the United States, with Canberra joining calls for an independent inquiry into the origins of the COVID-19 outbreak.
The US has also been fostering closer ties with India, which has varying disagreements with China, including border tensions in Ladakh.
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The director of the Institute of American studies at the Chinese Academy of Social Sciences, Ni Feng, suggested President Trump has been trying to mobilise support from US allies in containing China.
Professor Ni said: “The intention is simple: to isolate China.
“It is just the beginning, and more containment measures will follow.”
John Lee, a senior fellow at the Hudson Institute, a Washington think tank, also said the US “may be looking to advance an agenda which will consider placing responsibility onto China for the latter’s failures in allowing a pandemic to occur”.
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