Facing another U.S. tariff hike, Chinese President Xi Jinping is getting tougher with Washington instead of backing down.
Beijing fired what economists called a warning shot at Washington by letting its yuan currency weaken in response to President Donald Trump's latest threat of more punitive import duties on Sept 1.
Chinese buyers cancelled multibillion-dollar purchases of U.S. soybeans. Both sides have incentives to settle a trade war that is battering exporters on either side of the Pacific and threatening to tip the global economy into recession.
The Trump administration today announced that it would soften the impact of the 10 per cent tariffs it had said would begin September 1 on the 300 billion US dollars in Chinese goods it hasn't already taxed. It will delay until December 15 the tariffs on cellphones, laptop computers, video game consoles, some toys, computer monitors and some shoes and clothing. (AIR NEWS)