China Braces for Worst as It Becomes Punching Bag in US Election

(Bloomberg) — With Beijing already becoming a top target in the US election campaign, President Xi Jinping's government is resisting any move that could backfire on the world's second-largest economy. China's restraint was on display last week after President Joe Biden blasted Beijing as "xenophobic” and vowed to triple tariffs on Chinese steel and aluminum exports, during a campaign stop in a swing state where rust-belt jobs are on the line. On the same day, Washington opened a probe into its rival's shipbuilding sector, causing stocks of Chinese firms in that industry to tumble. Congress also fast-tracked efforts to force…