China announces 34% retaliatory tariffs on US imports

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China has announced tariffs of 34 per cent on all US imports in retaliation for duties unveiled by President Donald Trump this week, moving the world closer to a full-blown trade war.

Global stock markets extended their losses on Friday after the announcement, with futures tracking the S&P 500 down 3.7 per cent and the Europe-wide Stoxx 600 5.2 per cent lower.

China’s