Even if China retaliates (more than they already have), their economy is way more dependent on physical exports to the US than the reverse. I see more downside

Even if China retaliates (more than they already have), their economy is way more dependent on physical exports to the US than the reverse. I see more downside risks being exposed to EM than US markets… though I do see US markets catching up soon, esp companies with large exposure to EM revenue flows. This has been a good year to be short EM and swing in and out of volatility.