China and the US risk renewing a full-blown trade war unless the two largest economies can defuse the dispute before Chinese tariffs on $14bn of American exports take effect on Monday, analysts warned.
President Donald Trump last week unveiled an extra 10 per cent tariff on Chinese goods to force Beijing to do more to tackle fentanyl-related exports to the US and Mexico and threatened more if China retaliated.
When the US duties took effect three days later, Beijing immediately hit back, announcing additional 10 to 15 per cent duties on US energy exports and farm equipment. China’s duties are due to take effect on Monday.
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