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The White House has fired the first shot in what could lead to a trade war. Given that China-US trade hit $580 billion last year, it is not surprising that Washington has raised a dispute over "fairness" in bilateral trade. US President Donald Trump believes China is "taking away American jobs" and "dumping goods" on the United States.

Shen Dingli is a professor at the Institute of International Studies, Fudan University, Shanghai.

China, on the other hand, has enough reasons to believe the value of Chinese exports has been much exaggerated. China does add value to the products assembled in the country. But to claim that China has been pocketing the entire value of such products, instead of just the added value, is not just unfair but also ridiculous. This makes the high-stake game which the US is playing risky.