Protracted war

(Bloomberg) China let it be known that it’s in the trade war for the long haul, explaining in an editorial published in state media that it doesn’t fear sacrificing short-term economic interests. The comments came in response to President Donald Trump’s tweet that he has the upper hand. On Friday, Beijing released a tariff list designed to retaliate against the American threat to impose new duties on $200 billion of Chinese imports. While China’s economy is showing the biggest strains from the tension, pressures are also mounting in industries across the world, from oil markets to U.S. newspapers.