“The next step is more important, whether Washington is going for the $100bn tariffs or not,” said Bo Zhuang, an economist at consultancy TS Lombard. The US’s total exports to China were a record $130bn last year, meaning a tit-for-tat retaliation would have to cover all imports from the US and more. Any tariff rounds beyond that could be a “disaster” for China economically, added Mr Zhuang.
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