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For those who observe that the economic and financial fallout from US President Donald Trump’s trade war has been surprisingly small, the best response is that a lagged effect is exactly what we should expect. Just wait.

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China continues to borrow an average of $2 billion a year from the World Bank, making it one of the Bank’s top borrowers—despite being the world’s second-largest economy and itself a major global lender, according to our study released today.

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