Much of the coverage of the recent US-China trade ‘deal’ suggests that it should be viewed as China 1-0 US, with the latter agreeing to reduce tariffs However the reality is more complex; announcements have been vague, and the definition of ‘winning’ needs to be viewed through the many competing objectives of the key players — we summarise the wins and losses for both the US and China in the matrix below In Fathom’s view, Chinese policymakers are thinking long