It's not a trade war until someone shoots...>

US TSYS: It's not a trade war until someone shoots a tariff. Bank of America

economists posited the U.S. "thinks it can outlast China because it can impose

tariffs on more products than China can...But China has many non-tariff options

for retaliation." BoA economists estimate a "trade war could be a major drag on

US growth, lowering the level of GDP by roughly 1.2% at its nadir...Higher

import prices should pass-through to inflation, leading to a temporary

acceleration in core inflation. The Fed is likely to remain on its current

policy path in the near term, but could stop the hiking cycle short and

potentially cut rates if the economy were to tilt toward a recession," BoA

cautioned.