Beijing has made its decision. After days of warning of counter measures and urging Washington to enter negotiations and "meet China halfway", it has decided to hit back – or at least threaten to retaliate with its own tariffs.

The ongoing U.S.-China trade war marks a dramatic shift in global trade dynamics, with China overtaking the U.S. as the world’s primary trade partner—reversing a long-standing trend where the U.S. held that dominant position.