China seems like they are stepping up the economic warfare ahead of Trump taking office. Here is the recent list: 1) Letting the CNY break through 7.3 zone after weeks of defending it 2) Considering restricting the export of technologies used in production of lithium-ion batteries. Has proposed adding the technology used to make battery cathodes, as well as methods to extract and process lithium, to its list of controlled exports 3) Already banned the export to the US of various critical materials used in semiconductor production including gallium and germanium 4) Added 28 US defense contractors to its export control list on Thursday, barring access to Chinese exports that can be used for military as well as civilian purposes. Market seems to think the Trump controls all the cards but other countries can/will/do fight back. A step up in economic warfare doesn't really strike me as something that is going to be good for global risk assets in the near term.