US President Donald Trump has announced his intention to escalate tariffs on foreign steel and aluminum imports, with plans to increase the existing 25% tariff to a staggering 50%.

China’s ambassador to the United states, Xie Feng, has called on the US to seek mutual ground and work towards peaceful coexistence while warning that China will retaliate if the trade war continues to escalate.

China has announced that it will raise tariffs on goods imported from the US from 84% to 125% hours after Chinese President, Xi Jinping, warned there were “no winners in a tariff war, and going against the world will isolate oneself”.

China's 84% retaliatory tariffs on US imports have come into force hours after the US president insisted he would further increase tariffs on Chinese exports to 125%.

Donald Trump announced new tariffs on imported goods into the US, including a 10% tariff on UK goods, in response to foreign tariffs on American goods. This could lead to job losses in UK industries reliant on the US market.

US President Donald Trump’s sweeping tariffs on US imports have ignited threats of retaliation globally, with governments and companies rushed to formulate countermeasures to mitigate the consequences of the US trade war.

The European Commission president warns the new tariffs by the US will be a major blow to the world economy.