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The Fed zealously guards its ability to make monetary policy decisions free from short-term political pressures, a key feature of its structure. Chairman Jerome Powell, a Trump appointee, has repeatedly emphasized the importance of the central bank’s independence.

As the US-China trade spat gets uglier, people in both countries are asking: Who has more to lose? And how does this end? China has more to lose economically in an all-out trade war. The Chinese economy is dependent on exports, and nearly 20 per cent of its exports go to the United States. It […]