Still basking in the afterglow from his summit with North Korean leader Kim Jong Un, President Donald Trump confirmed last week that the US would levy a 25 per cent tariff on over 1,000 products worth US$50 billion (S$68 billion) of Chinese exports, starting on July 6.
China immediately said it would retaliate in kind, targeting 545 categories of US products. Mr Trump's riposte this week was to threaten a 10 per cent tariff on a further US$200 billion worth of China's exports. From the foothills of a trade war with China, Mr Trump is now looking to a serious escalation that could unhinge the global economy.
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