Equities fall as Trump escalates trade war

EQUITIES after Donald Trump ramped up his trade war by hitting China with tariffs of more than 100 percent and sweeping measures against the US's team of partners came into effect.

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After a brief respite on Tuesday from the panic-selling at the start of the week, investors were once again scurrying for the hills amid fears the US president's hammer blow to global commerce will plunge the planet into a recession.

As governments considered how to jump-start the train, India and New Zealand's central banks cut interest rates as they looked to shore up their economies against an expected dive in trade.

China and the US were headed for a vicious standoff, after earlier Beijing would be hit with another 50 percent amount last week.

With China already subject to a 20 percent tariff, its exporters are now facing tariffs of up to 100 percent.

Beijing has blasted what it called US "abundant means" to fight a trade war with the US, state news agency Xinhua said.