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China and US are at each other's throats on tariffs, and neither is backing down
China's new 34% tax on US imports shows it is ready to tussle with Trump.
The Chinese government revealed its promised "resolute countermeasures" to Trump's latest tariffs in a written statement from the finance ministry at 18:00 local time (10:00 GMT), on a Friday night, which is also a public holiday. If it is the last of these reasons, that is pretty bleak news for the global economy because it could mean that a settlement between the world's superpowers could be harder to reach than many had expected. Another possible path is for China to increase its trade with other countries – including western nations once seen as close allies of the US – and for these new routes to essentially cut America out of the loop.
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