Overview

• The US has imposed unprecedented 145% tariffs on Chinese imports, to which China responded with 125% duties on US goods.
• US officials are reportedly reaching out to China through multiple channels for tariff negotiations, but China denies any talks are taking place.
• China has called for dialogue to be conducted in a 'fair, respectful and reciprocal' manner while stating it is prepared to endure a prolonged trade war.
• The economic fallout includes strained supply chains, volatile markets, and significant impacts on China's export-driven and high-tech industries.
• Regional trade blocs like RCEP and CPTPP are gaining momentum as countries seek alternatives to mitigate the effects of rising protectionism.