NO USE USA, CHINA, UK

Lower thirds:

00:02 Report by Clifford Coonan
01:00 Lin Jian | Chinese Foreign Ministry Spokesperson
01:48 George Magnus | Oxford University economist

Script:

+++SYN REIN+++
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The trade war between China and the US has triggered fear and uncertainty across the globe. Donald Trump started hiking tariffs on Chinese goods shortly after his return to the White House -- fulfilling a campaign promise. Tensions between the world’s two biggest economies escalated quickly.
0.19
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In April, Washington introduced a staggering 145 Percent tariffs on Chinese imports ... Beijing countered with a 125 percent rate. In May, the US scaled back its rate to 30 per cent while China cut its rate to 10 percent.
0.35
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Since he unleashed his volley of tariffs, Trump has narrowed the US trade deficit with the rest of the world and taken in tens of billions of dollars in revenues. 
0.47
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He has struck eight framework tariff agreements with the EU, Japan, 
0.51
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Britain, South Korea, Vietnam, Indonesia, 
0.56
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...Pakistan and the Philippines. But China is proving difficult to unlock.

0.59
((STORYID: RWNE_20250410_5685
23. (SOUNDBITE) (Mandarin) CHINESE FOREIGN MINISTRY SPOKESPERSON, LIN JIAN, SAYING))
"If the United States insists on waging a tariff war or trade war, China will fight to the end."
1.07
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China exports three times as much to the United States as it imports. The US market is crucial  but China is succeeding in finding other markets. Exports rose a higher-than-expected 7.2 percent in July. 
1.20
((NEWSENG250808_gfxeChinaExport_01ICW))
China’s exports to the EU, its main alternative to the American market, grew more than 9 percent, while its exports to the US fell 22% last month compared to a year earlier. Shipments to Southeast Asia rose 17% over the same period.
1.37
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The US has leverage as it manufactures high-tech AI chips that China needs.  
1.40
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But Beijing also has leverage with its dominance in critical minerals.
1.46
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"One of the reasons that the Americans basically kind of balked a little bit, at the 145% tariffs, that were announced earlier this year is because of the Chinese decision to counter, America's aggression as they saw it in trade by restricting or withholding shipments of rare earths."
2.09
((STORYID: RWNE_20250410_5685))
Many believe both sides are kicking the can down the road until Trump meets Chinese President Xi Jinping in person, probably later this year. For both leaders, the political capital of shaking hands on a successful trade deal is worth more than the economic cost.
2.28