Overview The Asian financial market meltdown and the fierce debate over the U.S. role in a bail-out tend to obscure the huge scale of American exports to the region, currently $200 billion a year…

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that China's growth prospect lies somewhere between hard-landing and muddle-through scenarios. However, uncertainty remains and is already being felt strongly and likely to put increasing pressure on emerging markets through trade contraction and financial contagion. For the United States, fragility in emerging markets is the critical risk and will dominate economic decision-making for months if not years to come.