THE BIG TRADE QUESTIONSFirst, on trade. How the US and China manage their economic ties will have profound implications for a region that relies on trade with both. In Southeast Asia, countries such as Vietnam and Malaysia have become key manufacturing hubs, importing Chinese raw materials and inputs while assembling and exporting goods to the US. These economies have already been navigating pressure from both sides and are particularly exposed to shifts in policy. If tensions re-escalate, they could face increased pressure from Washington to limit reliance on Chinese inputs in exports bound for the United States, or higher tariffs if Washington decides...