The Chinese government has warned that it will take “all necessary measures” to deal with what it sees as the “abuse of trade remedies”. This is most likely aimed at the Trump administration’s aims to reduce its trade deficit, possibly by treating currency manipulation as a subsidy. However, the U.S. only accounted for 13% of all trade actions against China since 2008, with India applying more and Argentina in third place, according to Panjiva’s analysis of WTO data. China’s announcement should be seen as part of its broader two-pronged trade strategy globally that also sees it pursuing ...