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China’s 84% tariffs on US products come into force amid market relief after Trump pauses steep reciprocal tariffs elsewhere

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China says Donald Trump’s trade war with Beijing “will end in failure” for Washington, hours after the US president announced he would be increasing his tariffs on the country’s imports to 125%.

China’s own 84% tariffs on US imports came into effect on Thursday amid an escalating trade war between the world’s two biggest economies.

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China’s 84% retaliatory tariffs on US goods come into effect on Thursday, but there’s relief that Trump has paused levies against most countries

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• US-China trade war intensifies as Beijing’s tariffs come into effect after Trump pause

China and the European Union have exchanged views on strengthening their economic and trade cooperation in response to US tariffs, the Chinese commerce ministry said on Thursday, according to Reuters news agency.

In a video call on Tuesday, China’s commerce minister Wang Wentao discussed with European trade and economic security commissioner Maros Sefcovic the restart of talks on trade relief and to immediately carry out negotiations on electric vehicle price commitments, the Chinese ministry statement said.

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Markets across Asia rise, with signs that trade war may not be as damaging to global economy as feared

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Donald Trump’s surprise decision to pause the hefty tariffs he had just imposed on dozens of countries brought relief for battered global stock markets, even as he ratcheted up a trade war with China.

Markets across Asia rose sharply on Thursday on signs that the US president’s trade war may not prove as damaging to the global economy as feared.

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