* Over the past few months, the U.S. has imposed new tariffs on Chinese products in an attempt to reduce its trade deficit with the country.
* China has prepared retaliatory measures but both countries have been holding diplomatic talks to try to reach a compromise over their trade links.
The battle between China and the United States to be the world's most powerful nation could be the century's defining moment for financial markets, according to one strategist.
Market players on Tuesday were digesting news of an accord between North Korea and the United States, which aims to work toward complete denuclearization and a lasting "peace regime" on the Korean Peninsula. The historic agreement is being scrutinized by analysts and traders to understand what this moment means to the world and financial markets. But according to Jane Foley, the head of foreign exchange strategy at Rabobank, the wider picture should include China's relationship with the U.S.
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WNU Editor: U.S. and China will not be the only big market event of the century. The emerging markets in Africa, the Indian subcontinent, and South America cannot be ignored. From my vantage point, we are heading into a multi-market conflict, and countries/regions will be taking sides.
