A day before Donald Trump’s “reciprocal” tariffs are scheduled to kick in, the US president appears locked in a high-stakes game of chicken, with the world’s economy hanging in the balance. Some nations labelled “worst offenders” are scrambling to make nice with the White House to end this game before it reaches a potentially devastating climax. China, in contrast, is playing a different game, one of retaliation and resistance. Meanwhile, Trump has pressed ahead, even as some allies – in Congress and on Wall Street – wonder if he’s going too far. On Sunday, when asked what level of market fall he would tolerate before changing course, he snapped that it was a “stupid question”.
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