President Trump again raised the stakes in the trade war with China last night by increasing the tariffs on $550 billion worth of Chinese imports.
The president said that the United States would subject Chinese imports to an additional 5 per cent customs duty in response to what he called a politically motivated move by China to impose tariffs on $75 billion worth of American exports.
The intensifying trade war fuelled market fears that the global economy would tip into recession, sending shares down sharply. Mr Trump’s flurry of tweets announcing the new onslaught came after markets closed last night, leaving the potential for more damage for next week.
The increase is the latest move in the escalating row between the US and
