If Washington had failed to reach a deal and defaulted on its debt, the consequences for the global economy would have been disastrous.
The latest US salvo against China has escalated the threat of a trade war between the world's two largest economies. China has responded by announcing countermeasures affecting up to $60 billion worth of US exports.
Relations between Taiwan and China have been tense in recent years as Beijing increasingly tries to isolate Taipei globally. The international community should appeal to moderation on both sides, says Alexander Görlach.
China will take "counter-measures" after US President Donald Trump's raised tariffs on $200 billion of Chinese imports. Fears of escalation hit global stocks markets, which waver nervously awaiting a concrete response.
Washington has invited Chinese officials to restart trade talks under efforts to defuse an escalating trade dispute. The offer comes as US President Donald Trump is readying new tariffs to be slapped on Chinese goods.
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