## Figure 1.5. Impact of U.S.-China Trade Tensions on Asset Prices

## Source details

**Canonical URL:** [Figure 1.5. Impact of U.S.-China Trade Tensions on Asset Prices](https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch1/pdf/figure1-5.pdf)

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### Chinese Corporate Earnings Revisions
- Chart metric: Percent, index of upgrades relative to downgrades.
- Vertical axis labels as shown: –100 80 0 –80 –60 –40 –20 20 40 60
- Horizontal timeline labels as shown: Jan. 2016; Jul. 16; Jan. 17; Jul. 17; Jan. 18; Jul. 18
- Interpretation point indicated on timeline: U.S. proposes tariffs in response to “unfair trade practices”

### U.S. Companies: Equity Price Performance
- Chart metric: (March 2018 = 100)
- Horizontal month labels as shown: Mar.; Apr.; May; Jun.; Jul.; Aug.; Sep.
- Sampled series/legend entries shown in the figure:
  - MSCI ChinaAutos
  - Capital goods
  - Machinery
  - U.S. firms with high China sales
  - U.S. firms with high international sales
  - U.S. firms with high Chinese inputs
- Timeline annotation shown: U.S. considers further tariffs on $200 billion

### Key notes and definitions (text from figure)
- “U.S. firms with high China sales” includes the 15 large-cap U.S. public companies with the highest proportion of their revenue coming from China.
- “U.S. firms with high international sales” includes 15 of the largest multinational firms with the highest proportion of their revenue generated overseas.
- “U.S. firms with high Chinese inputs” shows the relative performance of those sectors that rely most on intermediate goods from China versus those sectors that rely least on Chinese imports.
- MSCI = Morgan Stanley Capital International.

### Sources
- Sources: Bloomberg Finance L.P.; Thomson Reuters; and IMF staff calculations.

*Figure 1.5. Impact of U.S.-China Trade Tensions on Asset Prices (figure content provided as in source).*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/oct/ch1/pdf/figure1-5.pdf_