Beijing/Shanghai — China urged the US on Friday to "pull back from the brink" as President Donald Trump’s plans for tariffs on up to $60bn in Chinese goods brought the world’s two largest economies closer to a trade war. The escalating tension between Beijing and Washington sent shivers through financial markets, as investors foresaw dire consequences for the global economy if trade barriers start going up. Trump is planning to impose the tariffs over what his administration says is misappropriation of US intellectual property. A probe was launched last year under Section 301 of the 1974 US Trade Act. Responding to the US import tariffs on steel and aluminium — which went into effect on Friday, but were announced by Trump earlier this month — China unveiled plans to levy additional duties on up to $3bn of US imports including fresh fruit, wine and nuts. "China doesn’t hope to be in a trade war, but is not afraid of engaging in one," the Chinese commerce ministry said on Friday. "Chi...

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