'I am the chosen one' to take on China over trade: Trump

But he defended his actions and said he believed a trade deal between the world's largest economies was still possible.

The nonpartisan Congressional Budget Office on Wednesday became the latest independent institution to warn about the consequences of tariffs Trump has ordered imposed against China and a host of other countries. The International Monetary Fund has said that global economic output could be reduced by as much as 0.5 per cent in 2020 as a result of tariffs.CBO said the tariffs were boosting domestic prices, reducing consumers' purchasing power and boosting the cost of business investment. Real income for the average U.S. household was also expected to drop by 0.4 per cent, it said.

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