Australian politicians and commentators need to be careful not to over-egg the likely impact of the US-China trade war on the national economy.
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While Prime Minister Scott Morrison, was right to acknowledge yesterday the dispute had caused "collateral damage" around the world, those who have suggested we are heading towards our gravest economic challenge since the end of World War II have overstepped the mark.
What is happening pales into insignificance compared to the Global Financial Crisis of a decade ago. It is also unlikely to have an equivalent impact on Australia as the 1970s oil crisis or Britain's entry into the European Economic Community in 1973.
We have much more cause to be concerned about the chest-thumping by Donald Trump and his Iranian counterpart, which has the potential to start a shooting war that could seriously restrict our fuel supplies, than this.
We are a nation on wheels. If Australia was suddenly denied access to petrol and diesel major sections of the economy would be forced to shut down in weeks.
Given there are signs an economic downturn is looming due to a range of factors, of which the trade dispute is just one, this is not the time to be talking the economy down.
Morrison recognised this when he told a Sydney foreign policy forum Australia would not be "fazed, intimidated or fatalist" about recent developments in Beijing and Washington.
He also acknowledged Australia's special position as a long standing friend of the US and a major commercial partner with China when he said this country had a role to play in resolving the dispute.
"We will play our part, We will not be passive bystanders," he said. "Our approach will be based on key principles".
These included a commitment to open markets and trade relationships founded on a rules based order, not coercion.
This is not the time to be talking the economy down.
Morrison, as most Australians would hope and expect, has made it clear he agrees with many of the issues of concern identified by the US.
"It is now evident the US believes the rules-based trading system, in its current form, is not capable of dealing with China's economic structure and policy practices," he said.
"Many of these concerns are legitimate. Forced technology transfer is unfair. Intellectual property theft cannot be justified. Industrial subsidies are promoting over-production".
Morrison's call for China's developing nation status to be revoked, which appears reasonable given its emergence as an economic super power, will raise eye-brows in Beijing and lead to inevitable claims by the Middle Kingdom's diplomats he is taking sides.
That is not correct. By acknowledging a changed reality and throwing its support behind an overhaul of a rules-based order Australia is doing China a favour. There is a limit to how long it can grow rich while crying poor.
As for the dispute itself, there are several things that might happen. The least likely is for both parties to proceed down the path of mutually assured economic disruption until they reach the point of no return.
The next least likely is China agrees to play by the same rules as everybody else, forgoing forced technology transfers, intellectual property theft and dubious subsidies.
The most probable is Trump will accept a limited number of concessions that would make him look like a victorious deal maker ahead of the next presidential election.
Australia needs to remember that despite all of the overblown rhetoric in what is a classic "young bull, old bull" standoff between two super powers, the sky is not falling around our ears.