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China could put more pressure on the S&P 500 index, so beloved by US President Donald Trump, to make him think twice about escalating the trade war. Photo: Reuters

How falling US markets can give China more trade war leverage

The US president has used the leading share index as a yardstick of his success since taking office. Beijing could let the yuan slide further to drag the index down and discourage Washington from imposing steeper trade tariffs.