The Chinese military said the drills are a "severe warning and forceful containment against Taiwan independence."

China’s military said Tuesday it had kicked off joint exercises involving its army, navy, air force and rocket force around Taiwan as a “stern warning,” days after US defense chief Pete Hegseth vowed to counter “China’s aggression” on his first visit to Asia.

One analyst called China’s large-scale drills a “pre-invasion operation” as it ramps up attacks on Taiwanese President Lai Ching-te, calling him a “parasite.”

The “Dirty 15”, in particular, has drawn scrutiny. Coined by Treasury Secretary Scott Bessent, it refers to the 15 per cent of economies that account for the bulk of trade imbalances with the US while imposing steep tariffs and other non-tariff barriers on US goods.

For several weeks, President Donald Trump has been trying to rally his supporters behind his so-called reciprocal tariffs, which he says will rectify years of unfair trading practices.“This is the beginning of Liberation Day in America,

The dollar wobbled on Tuesday after a bruising quarter as weary investors braced for reciprocal tariffs from U.S. President Donald Trump this week, a move that is likely to exacerbate the global trade war that has evoked U.