The biggest U.S. trade partners are: China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom and France. So far, the US has never imported a recession from a single foreign country.

A Chinese recession would be bad for the U.S. and the world, of course. But it’s difficult to believe that a recession from a single foreign country could be imported to the United States. It’s never happened, even in 1998 during the crises in Asia and Latin America.

Image: Hedgeye Risk Management LLC