President-elect Donald Trump has just declared his intention that, on his first day in office, he will impose 10 per cent tariffs on all US imports from China, including those already subject to such levies.

Chinese President Xi Jinping has vowed to work with the incoming Trump administration, but he also used his last meeting with President Joe Biden to warn Washington that a “new cold war should not be fought and cannot be won”. He added that “containing China is unwise, unacceptable and bound to fail”.

Working with the “like-minded” Brazilian president, China aims to check America’s global dominance and keep trade going.