To my opinion, the emerging market should do well in the long run as only they have core potential to bring a large chunk of their population to prosperity. However, in the short run, they may struggle to cope with recent trade war side effects. Latest protectionism will make them stronger in the longer run domestically. In the next few years, they will find ways to increase consumption domestically including reduction of imports to offset the trade imbalance. Probably it is a good time many M&A could happen, as some emerging market business may struggle and look for outsiders to come for rescue. It is a good opportunity for developed market companies to make a strong footprint.