U.S. President Donald Trump meets Japanese Prime Minister Shigeru Ishiba for the first time on Friday as two allies wary of China's rise work to boost business and security ties while an escalating trade war threatens to rupture the global economy.

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China has responded with counter tariffs on US goods, sparking fears of a major trade war between the two countries. Donald Trump slapped 10% levies on all Chinese imports early on Tuesday, as he makes good on his threat to get tough with Beijing. However, within minutes China retaliated, imposing tariffs on an array of US goods.

Trump’s arrival has added to pre-existing worries. Despite an International Monetary Fund official declaring in October that the battle against inflation was “almost won,” attendees at the World Economic Forum in Davos last month harbored open doubts.

Rising trade tensions between the U.S. and China may push U.S. crude exports lower in 2025 for the first time since the pandemic. Analysts warn that Chinese tariffs could limit U.S. oil access to the worlds largest