US president calls on Brussels to respond in kind to temporary amnesty, while move against Beijing hits stock markets

Financial markets have taken fright after Donald Trump fired the latest shots in an escalating trade war between the world’s two biggest economies by announcing $60bn (£42.5bn) of further tariffs on China.

Amid relief in Brussels that the EU had won a temporary reprieve from Trump’s already announced action to protect the US from imports of steel and aluminium, Wall Street braced itself for retaliation from China. Beijing announced it would consider higher tariffs on pork, aluminium pipe and other goods from the US, a trade worth about $3bn.

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Read More Trump reveals bn of fresh tariffs on China as EU wins reprieve

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