The world braces as Trump slaps 104% tariffs on China

Accusing the US of bullying, China vows to fight to the end’

- ANDY GREGORY

Global markets are bracing for a trade war between the world's two largest economies, as the White House confirmed Donald Trump’s 104 per cent tariffs on China are set to take effect.

Stock indexes in Europe and Asia finally returned to green yesterday, after nearly a week of turmoil – sparked by Mr Trump’s so-called “Liberation Day” tariffs announcement – wiped close to $10 trillion (£7.8 trillion) off the value of global markets.

But Wall Street continued its downward trend as Washington and Beijing traded increasingly stormy rhetoric, and the White House confirmed that tariffs of 104 per cent would start to be collected on Chinese goods from midnight in Washington DC (5am BST today).

That levy amounts to a near-doubling of the 54 per cent tariffs Mr Trump had initially planned to impose on China – with the US president adding a further 50 per cent on Monday after Beijing vowed to retaliate with a levy of 34 per cent on US goods.