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The U.S.-China trade war is shifting from a tariff fight to a contest of leverage – and Beijing is quietly setting the tempo.

As President Donald Trump raises the volume, Beijing is adjusting the dials, fine-tuning export controls, critical minerals and supply chains.

The move leaves Washington reacting to Beijing’s playbook instead of writing the next move, a dynamic that will hang over Trump’s next encounter with Chinese President Xi Jinping .

On Thursday, the two leaders of the world's largest economies are set to meet on the sidelines of the Asia-Pacific Economic Cooperation Summit in Busan, South Korea. It will be their first face-to-face meeting since Trump’s return to office.

CHINA BLASTS NEW US TRADE CURB

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