What is the fine-grained topic of the following text: In light of the quantitative tightening taking place - and accelerating - among G7 central banks amid accusations of currency manipulation by President Trump, and the escalating trade war between the US and China which represents the nexus of G10-EM currencies, should trade tensions not ease in the coming weeks, the most likely outcome is that the vol EM traders have been enjoying for the past few months will slowly but surely spillover and affect the rest of the world with adverse results, as FX vol "contages" all other asset classes which despite some vol hiccups in recent months, continue to enjoy a world in which every volatility spike is quickly forgotten. Only return the topic.
The impact of trade tensions and quantitative tightening on global currency and volatility markets.