US vs China: Will Trump levy a 104% tariff on Beijing? Will Xi Jinping back down?

The tariff war keeps escalating. In retaliation for Donald Trump’s ‘Liberation Day’ tariffs, China announced a reciprocal levy of 34 per cent on Washington. This resulted in the US president issuing a threat of a 50 per cent additional tariff, which, if imposed, will take the total to a whopping 104 per cent. But Beijing has said it won’t back down. What happens then?

Explainers