Over the weekend, Donald Trump described his sweeping 10 per cent tariffs against Chinese goods as an ‘opening salvo’. Within minutes of them taking effect at midnight last night, Beijing retaliated with targeted tariffs of its own against US coal, liquified natural gas (LNG), farm equipment and cars. It also announced export controls on a string of critical minerals to ‘safeguard national security’, and what it described as an ‘anti-trust’ investigation into Google.
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