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US-China trade war escalates

WASHINGTON: China vowed to retaliate after US President Donald Trump threatened tariffs on another US$200bil in Chinese imports, deepening a trade dispute between the world’s two biggest economies.

In an immediate rebuke to Trump, the Ministry of Commerce in Beijing labelled the move “extreme pressure and blackmail,” and said it would retaliate with counter measures.

Summers warns biggest economies unprepared for next downturn

SINTRA (PORTUGAL): Former US treasury secretary Lawrence Summers warned that developed countries are badly equipped for another recession, both economically and politically, and central banks should be wary of raising interest rates just to stop inflation running slightly hot.

Summers(pic) said interest rates are unlikely to return to historically normal levels before the next recession, leaving central banks unable to respond with the level of force necessary to effectively address the slump.

Stronger US GDP in Q2

PETALING JAYA: The US gross domestic product (GDP) is anticipated to grow at a much stronger pace in the second quarter, underpinned by stronger retails sales, according to AmBank Group.

China slams US "blackmailing" as Trump issues new trade threat

BEIJING/WASHINGTON: U.S. President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods and Beijing warned it would retaliate, in a rapid escalation of the trade conflict between the world's two biggest economies.

Trump's latest move, as Washington fights trade battles on several fronts, was unexpectedly swift and sharp.