Is the US-China trade war back on?

中美贸易战是否再次重启?

The Global Story

2025-10-15

26 分钟
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“If there’s a fight, we’ll fight to the end”, a Chinese commerce ministry spokesperson said on Tuesday, of the increasingly fierce trade war playing out between the US and China. As President Donald Trump threatens imposing 100% tariffs on goods coming from China, his counterpart, President Xi Jinping, has restricted US access to its rare earth minerals – which are vital to producing everything from smartphones to fighter jets. With the two leaders due to meet in South Korea later this month, can they break the stalemate, or will they plunge the world’s two biggest economies into a global trade war? BBC China correspondent Stephen McDonnell joins us to discuss how the world’s two largest economies got locked in stalemate – and what it could mean for the cost of the goods we all buy. Producers: Cat Farnsworth and Hannah Moore Mix: Travis Evan Senior news editor: China Collins Image: Russian Matryoshka wooden dolls, depicting US President Donald Trump and Chinese President Xi Jinping. Yuri Kochetkov/EPA-EFE/REX/Shutterstock
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  • This BBC podcast is supported by ads outside the UK.

  • like a tiny ant compared to the immensity of the universe.

  • Every big plot line needs a strong follow-up.

  • Remember the US-China trade war?

  • Well, it could be bad.

  • Huge tariffs are on the table again.

  • The International Monetary Fund says there are threat to American consumers.

  • Trump's comments on China earlier in the day shook the markets.

  • The Nasdaq down about 2%.

  • We did reverse lower.

  • By now you know the headline.

  • The Dow that has taken a pretty sharp dip this morning after starting in positive territory.

  • The S&P had its worst day since mid-April.

  • The markets are spooked.

  • But publicly at least, China doesn't seem to be.

  • All of this could mean higher prices for anyone who buys stuff, like all of us.

  • From the BBC, I'm Tristan Redman.

  • And today on The Global Story, why China isn't intimidated by Donald Trump's trade threats.

  • How are you doing, Stephen?

  • Nice to see you.