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The United States has officially designated China a "currency manipulator", the first such accusation between major powers for a quarter of a century.
China on Friday said it would not be blackmailed and warned of retaliation after US President Donald Trump vowed to slap a 10% tariff on 270 billion euros ($300 billion) of Chinese imports from next month, sharply escalating a trade row between the world's biggest economies.
Reports of the move came the day before the US and China announced at the G20 summit in Japan that they would re-start trade talks.
Relations between Europe and the U.S. are “excellent” but current trade terms are “not fair” to America, Mike Pompeo said.
"The Trade Deal with China continues, but too slowly, as they attempt to renegotiate," Trump wrote. "No!"
Washington has plans to slap tariffs on a list of European products, from planes to oysters, in retaliation for European aircraft subsidies.
The current trade war between the U.S. and China will, like all such disputes, produce no winners.
The US-China trade war looks set to escalate and there are warnings of consumer price rises, after the White House announced tariffs on $200bn of Chinese goods.
Here are the latest news and updates as they happened this morning.
After a weekend of claims by US President Donald Trump that he has the upper hand in the trade war with China, Beijing responded through state media by saying the nation is ready to endure the economic fallout
Donald Trump and European Commission President agree to tackle differences after Washington talks
The European Central Bank says the risks from an unpredictable global trade conflict doesn't warrant any deviation from its plan
The meeting between the US and EU presidents in Washington has eased tensions amid fears of a trade war, though some play down the significance of what was agreed.
Amid transatlantic trade relations, the EU Commission president meets Donald Trump in Washington on Wednesday
Leaders say workers shouldn't fear EU-Japan pact
The US president has ordered plans to slap levies on $200bn of Chinese imports, prompting an immediate threat of retaliation by Beijing.