Donald Trump said the US would place a 10 per cent tariff on $300bn of additional Chinese goods, escalating the trade war between Washington and Beijing in a new threat to the global economic outlook.
The announcement shook markets, sending the yield on the 10-year Treasury note to its lowest level since 2016 and pushing down stock prices after they had rallied earlier in the day.
In a series of tweets, the US president shattered the fragile truce he had reached with Xi Jinping, his Chinese counterpart, at the G20 summit in Osaka in late June, which had paved the way for a new round of talks in Shanghai this week.
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