ANZ Analysis says China’s financial separation from the USA is about to deepen as commerce frictions escalate. Chief economist Raymond Yeung wrote that whereas total exports have held regular, China has steadily diversified away from the US, with direct shipments to America falling to 12% of complete exports as of August 2025, down from 19% in 2018.
Yeung mentioned Beijing’s resolution to impose rare-earth export restrictions alerts rising confidence in reaching 5% financial development this yr, even within the face of a possible 100% US tariff. He added that the Trump administration is more likely to transfer swiftly, probably inviting retaliatory motion from China.
“This tit-for-tat dynamic is more likely to persist for a while,” Yeung wrote, describing it as the brand new regular in China–US financial decoupling, marked by cycles of negotiation and renewed stress.
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ps. Chinese language equities are bouncing after their opening hole decrease.
