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“And when you get the second wave, the mystique is gone,” said Mordy.
China, Mordy said, also doesn’t appear ready to up the ante. Chinese officials have been “biting their tongues” in the current dispute because their top goal is to preserve economic growth, Mordy said.
Even China’s state-backed media has begun to reflect this strategy. The Global Times, a mouthpiece of theChinese Communist Party, published a column on Sunday arguing for restraint because the latest U.S. measures were only attempts to gain traction in the election.
“If we ignore those actions and meet them mainly with ridicule, then we might gain more international support than be directly confronting them,” the editorial said.
That’s why Toronto-based Purpose Investments chief investment officer Greg Taylor recommends that investors continue doing what they have so far in response to the building tensions: “Keep your head down,” he said.