I agree with all but one point Morgan Stanley's CEO makes in the one-minute clip below.
My contention is with his point that it, being a ramping up of tariffs on Chinese imports, is already "priced in." Unequivocally not! Clearly, traders in the aggregate agree with MS's chief that a protracted trade war would be across-the-board destructive; therefore (given the political risk), at best, the market has priced in some justifiable uncertainty due to the recent breakdown in talks. However -- and make no mistake -- equity markets are not nearly pricing in the ramifications of an escalation of what is beginning to inflict real damage onto the global industrial sector.
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