Five cards China holds in a trade war with the US

A trade war between the world’s two biggest economies is now in full swing.

Chinese exports to the US face up to 245% tariffs, and Beijing has hit back with a 125% levy on American imports. Consumers, businesses and markets are braced for more uncertainty as fears of a global recession have heightened.

Chinese President Xi Jinping’s government has repeatedly said it is open to dialogue, but warned that, if necessary, it would “fight to the end”.

Here’s a look at what Beijing has in its arsenal to counter US President Donald Trump’s tariffs.

China is the world’s second-largest economy, which means it can absorb the impacts of the tariffs better than other smaller countries.

With…