The founder of the world's largest hedge fund has urged investors to bet on 'both horses in the race' amid rising U.S.-China trade tensions.
The trade war between Washington and Beijing has intensified over the past week after U.S. President Donald Trump announced 10% tariffs on a further $300 billion of Chinese goods.
Ray Dalio, founder of Bridgewater Associates, said: "I believe China is a competitor of the United States or Chinese businesses are competitors of American businesses or other business around the world, and that therefore you want to be, if you're diversified, having bets on both horses in the race.
announced 10% tariffs on a further $300 billion worth of Chinese goods. The tit-for-tat has culminated in China's yuan weakening beyond the psychological level of 7 per dollar on Monday, dragging currency markets into the fray. The U.S. objects to the lower yuan as it makes Chinese exports cheaper on international markets, offering Chinese products a price advantage.
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