US-China trade tensions escalate as Trump approves $50bn of tariffs - as it happened
(The Guardian China)

US President Donald Trump is pressing ahead with plans to impose 25% tariffs on $50bn of Chinese imports, raising the prospect of a trade war between the world´s two largest economies Markets falter as Trump escalates trade tensionsChina vows to match US tariffs but warns both parties will be hurtTesco shrugs off retail sector woes with 10th quarter of rising salesMcDonald´s plans to ditch plastic straws in UK from SeptemberOutrage as government delays curbs on fixed-odds betting terminals 2.50pm BST Before closing up for the day, let´s take another look at European markets. Losses have escalated since the US confirmed a 25% tariff would be imposed on $50bn of Chinese imports. Related: Trump announces $50bn in China tariffs, escalating possibility of trade war 2.35pm BST The bell has gone on Wall Street and US markets are down: 2.32pm BST It hasn´t taken Beijing long to respond to Trump´s decision to impose a 25% tariff on $50bn of Chinese imports. As expected, it plans to retaliate. China is unwilling to have a trade war, but the Chinese side has no choice but to strongly oppose this, due to the United States´ myopic behaviour that will harm both parties.We will immediately introduce tariff measures of the same scale and strength. All the results from the previously reached by the two parties will be invalid. 2.22pm BST US investors are feeling nervous after President Trump announced plans to slap a 25% tariff on $50bn of Chinese imports.China has promised to retaliate in equal measure, raising the prospect of a full-blown trade war between the world´s two largest economies, and that is weighing on sentiment. It has gotten investors nervous. It´s going to probably mean a cautious and bumpy ride for the stock markets. 2.04pm BST Speaking on Fox News, President Trump said that he regarded China´s President Xi Jinping as a friend, but it was time to take action to reduce America´s trade deficit. Look, he´s my friend. He´s a wonderful guy, he´s a great guy. But at ...