Market Pulse: On the Edge of Thucydides' Trap

History records a chilling pattern of international relations. When a new power challenges a dominant one, it is very likely to result in war. That is the deadly trap observed by Greek historian Thucydides. Will China's rise, which now challenges the domination of the United States, end in war? This is the worry that has started to creep in investors' minds everywhere.

On the whole, a full-scale military confrontation is unlikely. Both nations have

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