Don't get me wrong. Up until this morning I was going to say that it was China you should worry about the most as the May manufacturing PMI slumped to 49.4, and because June was already looking ugly for CNY (as Bloomberg notes today). Moreover, if you listen to recent statements from the White House, and read tweets from a few key US market participants, you could make a strong argument there will soon be US sanctions placed on China over its alleged concentration camps in Xinjiang. (Which readers who have spoken to me personally may recall I have long been suggesting would be a logical--and powerfully disruptive--'moral' weapon for the US to use next.)