With U.S. tariffs on Chinese goods now reaching up to 245 percent, the world’s largest trading relationship has crossed a structural threshold. While Beijing contests the measures, early signals suggest that China’s ability—or willingness—to absorb the shock is limited. For growth‑stage companies and investors, the next decade will be defined by how quickly supply chains diversify, how smoothly capital reallocates, and which jurisdictions capture the incremental value that on