It is a Chinese-centric Asia nowadays. The exports of Taiwan, South Korea, to China are much more important than to the U.S. All the Asian countries for them, exports to China are the key, tourists from China are the key.
When you see Mr. Trump lambasting the exporting countries of Asia, calling China – he hasn't declared it officially a currency manipulator and so forth, what is the reaction of the leadership in Beijing ?
Everybody in Asia and around the world, including Mexico and the Europeans will say, 'the U.S. is no longer a reliable trading partner and no longer a reliable ally. We have to look after ourselves'. So the Chinese are pushing essentially domestic-led growth.
