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.

President Donald Trump's emerging trade war with Beijing poses a new threat to billions of dollars in planned U.S. liquefied natural gas export projects, many of which rely on China as a key buyer, according to analysts,

The offshore yuan extended losses with regional peers, as China and the US slapped tariffs on each others’ exports as the trade war came to life.