And so it begins – the phoney trade war has come to an end and billions of dollars of tariffs on goods moving between China and the US have begun to be applied, potentially reversing three decades of globalisation. The South China Morning Post today reports that China is to begin applying tariffs after the US formally applied 25% duties on some $34bn worth of Chinese produced goods, earlier today. And there could be more on the way: “The US also began studying $200bn more in Chinese goods for an additional 10% tariff after China retaliated. Trump has also threatened another $200bn if China’s countermoves continue.”

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