China and South Korea, the three No's

[timelets]

Seoul is believed to have agreed to conditions known as the "three No's" - no deployment of additional Thaad batteries, no joining a US-led missile defence network and no trilateral security alliance with US and Japan - as the price to improve ties. The reported concessions drew criticism that South Korea had compromised too much and should stop kowtowing to China.

http://www.straitstimes.com/asia/east-asia/south-korean-leaders-visiting-china-to-rebuild-trust-seeks-ways-to-resolve-nuclear

After the initial deployment of Thaad, China imposed an informal ban on tourism to South Korea and limited operations of certain Korean companies working in China. The tourism boycott resulted in $9B loss. Xi is now calling the shots in the region.

Also related, Felix Zulauf says that China trade is the major economic growth factor for Europe. https://www.bloomberg.com/news/audio/2017-11-21/felix-zulauf-discusses-the-evolution-of-markets