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Combining trade and foreign direct investment, the US actually ran a surplus against China. Deutsche Bank estimated that the US aggregate sales balance had turned into a surplus against China in 2016 and 2017.

Commerzbank says it settles around 30 percent of Germany's foreign trade business.

Companies from Marriott International Inc to Starbucks Corp reported strong second-quarter growth in China, as the rest of the world pulled back.

Cohen also mentioned the Thucydides trap - "We're all looking at how do you manage a rising power coming into a competition and potentially conflict with the existing power."

Companies in the city's fur district have manufactured and sold furs there for hundreds of years.