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  • The re-escalation of trade frictions highlights the lack
    of trust between the US and China; more talks needed.
  • September’s export rebound was partly due to base
    effects, which mask weaker monthly momentum.
  • The volatile nature of US-China trade relations still
    poses a downside risk to China’s near-term growth.

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Keywords for: 14 October 2025 China+ Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence