Beijing might have little choice but to reconfigure its economy should it become embroiled in a broader trade conflict.

As Republicans eye a red sweep, the U.S. could announce its withdrawal from the Paris Agreement as soon as early 2025 and complete it by beginning of 2026.

But a dispute over allegations that China stole American intellectual property spiralled into a trade war by the summer of 2018 with the US imposing four rounds of tariffs on Chinese imports. China retaliated with its own tariffs on US goods,