The United States and China were headed towards an all-out trade war on Wednesday, locked in a high stakes game of brinkmanship as US president Donald Trump unleashed a new wave of tariffs against dozens of partners. The global economy has been rocked since sweeping 10% US tariffs took effect over the weekend, triggering a dramatic market sell-off worldwide and sparking recession fears. Rates on imports to the United States from dozens of economies rose further from 12.01am (0401 GMT) on Wednesday, with tariffs imposed on Chinese products since Trump returned to the White House reaching a staggering 104%. The…
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