China-US trade war heats up
Energy isn't at the core of current trade tensions, but US exports could emerge as a bargaining tool as the spat moves toward negotiations
US President Donald Trump has insisted on Twitter that the US is not engaged in a trade war with China, but the severity of this week's opening salvos suggests that economic tensions between the countries are more likely to expand than contract in the coming weeks and months. Washington struck first by placing 25% tariffs on $50bn's worth of Chinese imports, as Trump at last followed through on a consistent theme of his protectionist campaign rhetoric. But Beijing quickly shot back with tariffs of its own on a range of US goods including soybeans, beef, chemicals and cars, aiming to inflict not just economic damage on the US but also political injury to Trump. Markets tumbled in response on

Also in this section
12 June 2025
Asian and European interest gathers pace as Trump throws his weight behind frontier state
12 June 2025
The government is optimistic that increasing offshore activity and exploration will help revive flagging production, despite energy security fears
12 June 2025
Tariffs, AI, critical minerals and emerging markets all raise fundamental policy questions