Trump's China at risk - Nomura

Analysts at Nomura explained that the collapse of free trade would further embolden China’s hawks Now, 70 years later, there are almost no people in the world who believe that territorial expansion is necessary for economic growth, and the number of wars fought over land has sharply diminished. 

Key Quotes:

"The reason that even China, with its growing nationalist sentiment and increased military spending, remains relatively quiet on the international stage is that there are officials who understand the astronomical benefits the country has received under the US-led freetrade system. 

Without free trade, it would never have been possible for China, with its population of more than 1bn people, to lift per capita GDP from just $309 in 1982 to $8,141 in 2015, 35 years later. 

But if the US starts moving away from free trade and imposes import duties of 45% on Chinese products, reformists within the Chinese government would suddenly find themselves in a very uncomfortable position, while the hawks would be newly revitalized."