| Dear Friend, Last week, President Trump ordered 10% tariffs on billions worth of Chinese imports. He said the rate goes up to 25% in January if China doesn’t make a deal by then. You probably saw my reaction in Thoughts from the Frontline. I see little chance China will relent, and thus a long conflict with major market impact. What you didn’t see was a bulletin I sent to Over My Shoulder members last Thursday. Written only hours after the president’s order by one of my most trusted sources, it predicted a “war of attrition” that could drag on for years. That’s interesting and horrifying, but if you’re like me, you’re asking, “What do I do about it?” That is the real question. Market impact has been muted so far. My source thinks it will not remain so. He outlined a short-term (6–12 month) probable course for China’s renminbi currency and other emerging market currencies. Then, he described what will happen to emerging markets if China responds with fiscal stimulus spending. (Hint: It won’t be pretty.) This matters to you if you have investments in anything, anywhere. The US and China are the world’s two largest economies. When they come to blows, everyone feels it. You can access this fascinating research bulletin for yourself by trying Over My Shoulder. Right now, the monthly membership rate is only $9.95 but it will go up soon. I’ve written a special report with all the details plus some other interesting examples of Over My Shoulder research by Woody Brock, Charles Gave and Ed Yardeni. You really want to read this. I promise it will not disappoint you. Click here to read my report. Your Girding for the Trade War Analyst, John Mauldin | 