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Hi, I'm Ravi Agrawal, Foreign Policy's editor-in-chief. This is FP Live.

The relationship between the world's two biggest economies is in its most serious crisis in

nearly five decades. Each time the United States has imposed higher tariffs on China, Beijing has

retaliated in kind.

If you retaliate, we're going to double it. And that's what I did with China.

President Xi Jinping himself, saying that his nation is quote unquote not afraid.

We'll see what happens with China. We would love to be able to work a deal.

As of this recording, U.S. tariffs on Chinese goods are effectively near 150%, just crazy levels.

There are some exceptions, however, for cell phones and electronic components.

China, on the other hand, has suspended all exports of critical minerals and magnets,

which are essential components used by high-end auto and defense manufacturers.

Now, the White House, as we know, has wavered on so many other bilateral tariffs in the last three months,

but one thing has been constant. It sees China as a serious

economic threat. And on this, there is actually not that much argument in Washington,

but an actual full-blown trade war? Where does it end? Which economy will suffer more pain?

And what will it mean for the rest of the world?

...