Rising tensions stoke fears of full-blown trade war but both sides leave room for manoeuvre

After firing the opening shots of a trade war, China and the US have entered what is likely to be a protracted standoff as they jockey to win concessions from each other and avoid hurting their respective economies.

Eleven hours after the White House announced a list of 1,333 Chinese imports to be subject to punitive tariffs of 25%, China responded in kind with a list of about 106 American products, including key US exports to China, such as soya beans, cars and aircraft. Both sides are targeting about $50bn (£36bn) in imports from each other.

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Read More China and US jockey for tariff concessions in tit-for-tat trade standoff

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