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Trade wars part two - The empire strikes back
Today’s stock market crash announces a new and dire phase in the US-China trade war. Beijing has signaled that it is prepared to endure a long and debilitating trade war with the United States, after President Donald Trump announced an additional 10% tariff on $300 billion of Chinese imports following meetings in Shanghai between his top trade officials and their Chinese counterparts. A reported directive to Chinese companies to refrain from buying US farm products seems an in-your-face challenge to the US president. And China’s decision to let the RMB depreciate past the 7.00 mark rebukes Trump’s insistence ... (full story)