If there were any remaining doubt that the rising war of words over trade between the US and its big trading partners would break out into substantive conflict, the past week has dispelled it.
Donald Trump, having brought in tariffs on imports of steel and aluminium, including on allies such as the EU, Mexico and Canada, imposed US levies on $34bn of goods from China and threatened much more to come.
Beijing, predictably, immediately retaliated with tariffs of its own. Its sense of self-esteem and the economic nationalism underlying the industrial strategy of Xi Jinping, China’s president, could not allow otherwise.
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