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In a move seemingly trying to calm tensions, the Chinese Commerce Ministry stressed that China would not ‘fire the first shot’, and hence will not enforce its previously-announced retaliation tariffs ahead of the US ones taking effect on Friday, notes the research team at Danske Bank.

Key Quotes

“US tariffs on USD34bn worth of Chinese imports are set to come into effect at the end of the week; a further USD16bn will see levies at a later stage. Markets are now braced for the effect of the actual implementation of tariffs and possible next steps from either side.”