The US and China launched a second round of trade talks on Thursday to try to avert a damaging tariff war. US President Donald Trump has threatened to impose up to $150 billion in punitive tariffs, and Beijing has threatened equal retaliation. At talks in Beijing two weeks ago, both sides presented lengthy lists of demands, agreeing only to keep talking. The Trump administration, among other things, sought a $200 billion reduction in China’s $375 billion US goods trade surplus. China demanded that Trump relax crushing restrictions imposed on Chinese telecommunications equipment maker ZTE Corp, and end restrictions on Chinese investments in the US and sales of high-technology goods to China.