US-China economic war just beginning

Fearing that a trade war between the United States and China might bring the global economy down with it, many around the world heaved a collective sigh of relief when Chinese President Xi Jinping announced that China will usher in a new wave of openness.

That openness includes allowing American businesses better access to China's financial and manufacturing sectors, and the lowering of tariffs on cars which have been manufactured in the US. As a response, President Donald Trump in a tweet thanked Beijing for the "kind words" and offered the hope that both countries "will make great progress together".

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A version of this article appeared in the print edition of The Straits Times on April 14, 2018, with the headline 'US-China economic war just beginning'. Print Edition | Subscribe