TOI correspondent from Washington: The trade war between the US and China dramatically escalated this week, reaching a new and alarming phase after tit-fortat export controls that rattled markets even as they were closing on Friday. Barring a pullback by both sides over the weekend, more pain is expected when markets re-open Monday, after a staggering $1.6 trillion was wiped out of the stock market when US President Donald Trump announced retaliatory measures against Beijing’s move to squeeze supply of critical technologies, including rare earths processing, on which it has a stranglehold. Who fired the first shot is a matter of perspective. The US has long weaponised its headstart on technology advances in areas like semi-conductors to punish adversaries (like China and Russia)

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