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Trump targets China with tariffs on Sh30.9 trillion in goods

US President Donald Trump called his Chinese counterpart Xi Jinping his "friend" but accused Beijing of reneging on key promises [AFP]

US President Donald Trump announced Thursday he will hit China with punitive tariffs on another Sh30.97 trillion (USD300 billion) in goods, prompting Beijing to warn it was the wrong way to resolve the trade war.

The sudden deterioration meant the world's two largest economies have now erected trade barriers covering virtually all of their Sh68.15 trillion (USD660 billion) in annual trade in merchandise -- confirming economists' fears and sending shudders through Wall Street.

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