Chinese exporters spent the past year scrambling to diversify away from the U.S., moving supply chains overseas and targeting new markets, including the Middle East, as punishing tariffs upended their business models. Now the Iran war has heaped fresh pressure on those businesses, choking critical shipping lanes, triggering a historic energy shock, and threatening to crimp global demand for Chinese goods across the board. As U.S. President Donald Trump and his Chinese counterpart Xi Jinping

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