MarketsPrint articleOpinionUBS on trade wars: 'We were wrong; escalation is here'Patrick ComminsColumnistUpdated Jul 11, 2018 – 5.30pm, first published at 5.00pmSaveLog in or Subscribe to save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Login"We were wrong; escalation is here."With that dramatic statement on Wednesday morning, UBS economists flagged to their clients that a US-China trade war proper was now in sight.Loading...Patrick Commins reports and comments on trends and news in domestic and global investment markets. Connect with Patrick on Twitter. Email Patrick at p.commins@afr.comSaveLog in or Subscribe to save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? LoginLicense articleIntroducing your NewsfeedFollow the topics, people and companies that matter to you.Find out moreRead MoreOpinionTradeLatest In MarketsFetching latest articlesMost Viewed In MarketsThe Australian Financial Review MagazineAFR Magazine celebrates The Art of MovementLauren Sams‘We don’t want to die wondering’: Jo Horgan on Mecca’s biggest bet yetThis Brisbane restaurant deserves a Michelin starBOSS Financial ReviewThis CEO thought he was healthy. Then he went for a checkSally Patten and Lap PhanHow the Macquarie CEO played a role in setting me up to lead MagellanWhich AI course should I do?Life & LeisureUp your game with this stylish golf kit and Swiss waterproof sneakersEugenie KellyWhy we can’t get enough of the minister of crabsIt’s BYO pyjamas at this chef’s table above the cloudsRich ListSpotlight’s new Anaconda will teach shoppers to fishMichael BlebyPortelli hits fast lane on mooted LMCT+ sale, MacCap takes the wheelInside the fortune Kerry Stokes (quietly) made in China