US-China trade deal: higher tariffs come into effect as talks continue

Damaging trade war could destabilise the already slowing global economy

Financial markets were braced for a full-blown trade war between the world’s two economic superpowers as the US imposed higher tariffs on $200bn worth of Chinese goods.

Last-minute talks in Washington between Chinese vice premier Liu He and US trade representative Robert Lighthizer failed to salvage months of talks on a deal and at 12.01am on Friday tariffs on Chinese goods were raised to 25% from 10%.

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Read the original at Economics | The Guardian.