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The trade war is heating up. On Monday, China announced it would raise tariffs on $60bn worth of US goods, following similar measures by the Trump administration Friday. Markets have puked. At pixel, the S&P 500 is off 1.75 per cent, to 2,831.

China's ascension to the WTO in 2001, as economists such as David Autor have noted, played a role in the collapse of American manufacturing which saw the loss of thousands of jobs across the mid western states. Trump, having rode a wave of discontent at the collapse of these once well-paid blue-collar jobs, is now attempting to retaliate.

However China's role as a creator of knock-off goods, and how it has effected the brand equity of many Western businesses, is less discussed. Perhaps as it's hard to quantify versus, say, job losses. Or perhaps as some of these brands — particularly luxury manufacturers such as Chanel or Burberry — are on the continent.

So on this point, we thought this chart from Deutsche Bank's Torsten Slok, which arrived in our inboxes a few moments ago, was worth sharing:

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It's not even a competition is it?

China may be the second-largest exporter of goods, with $2.13tn of exports in 2017, according to the latest report from the World Trade Organization, but when it comes to mimicry, they're a level above the rest.

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