I've been in Tokyo and Hong Kong this week, and if I were to distil what echoed in all my conversations, it would sound something like this: From Chinese business and government types, some real anxiety - "Can you please tell me what is President Donald Trump's bottom line in this trade war? Is this about rebalancing trade or containing China's rise?" - combined with some real bravado - "You realise that you Americans are too late? We're too big to be pushed around any more. You should have done this a decade ago."
From the Japanese it was gratitude - "Thank God for Donald Trump. Finally we have a US president who understands what a threat China is!" - combined with real anxiety - "Please, please be careful. Don't go too far with Beijing and break the global trading system."
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