Trump imposes tariffs on $300bn more Chinese goods in sharp escalation of trade war

US president’s surprise announcement sends global stock markets plunging as fears for world economy grow

Mr Trump’s latest round of 10 per cent tariffs on Chinese goods entering the US including smartphones and laptops took markets by surprise ( Reuters )

Donald Trump has hit China with tariffs on an extra $300bn worth of imports, in a major escalation of the trade war between the two nations that threatens the health of the global economy.

The US president’s announcement sent stock markets around the world into a tailspin, with the FTSE 100 dropping 2 per cent within minutes of opening on Friday morning.

That followed plunges across Asian markets earlier in the day as rising tensions between Washington and Beijing spooked investors.

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