At Fathom, we have argued that tensions between the US and China should not be referred to as a trade war, because wars end. Events over the past week, which have seen Donald Trump end a month-long truce by threatening additional tariffs on China’s exports, a subsequent depreciation of the renminbi, and a prompt branding of Beijing as a currency manipulator by the US administration, only lend weight to that long-held view. Consequently, while this escalation in trade tensions has