To play on the possibility of a trade war under President-elect Donald Trump, look to counter-intuitive investments in China and Russia, said Adrian Mowat, JPMorgan's chief Asian and emerging market strategist.
"We could be spending the first half of 2017 looking at the downside of a proper trade dispute," Mowat told CNBC's "Squawk Box" on Tuesday, noting that any potential skirmish would likely be more than just a tit-for-tat with China.
"[Trump is] planning to put in place a corporate tax code which would heavily penalize imports and provide a tax incentive for exports," Mowat said. "This moves away from being a dispute between China and the U.S. to a broader trade dispute."
Certainly, Trump has set his sights on China. On the campaign trail, Trump repeatedly accused China of manipulating its currency in order to give its exports an advantage over U.S.-made goods, and he threatened to slap a tariff of up to 45 percent on Chinese imports.
Trump also angered China by indicating on Sunday that the U.S. was not necessarily bound by the "One-China" policy, a decades-old policy which effectively indicates the U.S. tacitly accepts the mainland has sovereignty over Taiwan.
Earlier this month, Trump accepted a call from Taiwan's President Tsai Ing-wen — a first for a U.S. president or president-elect with any Taiwanese leader since 1979.