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Option 4 : Both (I) and (II)

It is clear from the given statement that there has been an exchange of import tariffs between the two biggest economies of the world; China and the USA, and that this involved prioritising domestic economy over the world economy; that is, going against the vein of globalisation. 

From the three given options, (I) and (II) substantiate this 'exchange'; China's refusal to address accusations made by the US and the US's decision to reprioritise its domestic economy. 

(III) is however wrong, because it is clearly mentioned in the question that it has been "a step back from globalisation". 

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