The US-China trade war has taken on renewed pace with fresh tit-for-tat tariffs on billions of dollars' worth of goods set to be levied within a week.

Economists are growing increasingly concerned about the likely impact on the global economy if the trade spat continues to escalate.

The Chinese regime said the latest round of tariffs brought “new uncertainty” to efforts on trade talks.

The Chinese finance ministry has not issued a full list of goods, though some potential products detailed in August ranged from condoms and jam to conveyor belts, meat and bowling pins.

Tao Wang of UBS said that “sustained trade tension” and tariffs would “hurt” US investment as business leaders put off their major financial decisions amid political uncertainty.