Chinese officials were prepared for Donald Trump to deliver bad news on his return to the US presidency: immediate 60 per cent tariffs on exports that could deal a serious blow to the world’s second-largest economy.
Instead, they received an apparent reprieve this week. Trump ordered an investigation into US-China trade, and later reiterated the threat of a 10 per cent tariff related to the deadly opioid fentanyl.
These moves paled in comparison to the 25 per cent tariffs announced on US allies Mexico and Canada, and the worst-case projections of policymakers in Beijing.
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