The trade conflict will only escalate as the U.S. maxes out tariffs on Chinese imports, the dollar strengthens and the yuan weakens further, JPMorgan strategists including Pedro Martins Junior, Rajiv Batra and Sanaya Tavaria wrote in a report, lowering their recommendation on China to neutral from overweight. With mainland markets shut all week for a holiday, the $4.9 billion iShares China Large-Cap ETF dropped to a two-week low in New York.
