It was news the rest of the world had been waiting to hear as astonishingly high tariffs - up to 245% on some Chinese exports to the US - throttle trade between the world's two biggest economies, raising the spectre of a recession.

The world’s two largest economies are locked in a tit-for-tat tariff war that threatens hundreds of billions in trade and has roiled global markets and supply chains. The United States has raised tariffs on Chinese imports to 145 per cent,

China signaled the nation is “assessing” potential trade talks with the U.S. amid the Trump administration’s trade war but urged Washington to show “sincerity” to establish trust. “As