The US imposed tariffs on $16bn in imports from China on Thursday, triggering reciprocal levies from Beijing and casting a shadow over meetings in Washington designed to appeal to Wall Street’s hunger for greater investment access.
The latest round of tariffs was announced several weeks ago, and adhered to a strict schedule for implementation that the US Trade Representative’s office followed to the letter. China said it would contest the round at the World Trade Organization.
But with far more exports to the US than America sells to China, Beijing has sought alternatives to a tit-for-tat tariffs battle. Instead, it has tried to isolate hawks at the White House by offering carrots to Wall Street and European nations, while easing fiscal policy at home to cushion the blow.