China has announced it will impose additional tariffs of 34 per cent on US imports in retaliation for duties unveiled by President Donald Trump this week, moving the world closer to a full-blown trade war.
The Ministry of Commerce said on Friday that the tariff, which matches Trump’s latest increase in duties on Beijing, would be imposed on all imported goods from the US from April 10.
Global stock markets extended their losses on Friday after the announcement, with futures tracking the S&P 500 down 2 per cent and the Europe-wide Stoxx 600 4.4 per cent lower.
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