Observers said China's retaliatory moves in response to US tariffs showed Beijing's readiness to face escalating trade tensions along with its desire to achieve more at the negotiation table. Analysts said that compared with the immediate relief the US granted to its neighbours by delaying tariffs on Mexican and Canadian goods,

By Arunima Kumar and Trixie Yap (Reuters) -Crude prices fell on Tuesday as U.S. tariffs on China took effect and Beijing retaliated with its own measures, heightening trade war fears, while U.S. President Trump delayed steep levies on Canada and Mexico for a month.

The first punches have been thrown between the United States and China in what could amount to a short-lived trade dispute with limited economic fallout or the start of yet another lengthy and painful trade war reminiscent of President Donald Trump’s first term.