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Trump’s pending trade tariffs on the remaining $300bn worth of Chinese goods are likely to have severe ramifications for global growth, Richard Partington reports.

Global markets take fright as Trump ramps up US-China trade war Read more

The White House already charges tariffs of 25% on $250bn of Chinese goods sold in the US as part of the long-running trade standoff. Total Chinese exports to the US were worth $539.7bn last year.

The US-China trade dispute has had a chilling effect on the world economy as global trade volumes plummet and major companies pause investments. Growth has eased around the world, while several major countries have flirted with recession.

Factory output has plunged across Europe, dragging down growth in Germany and Italy. Alongside the impact of Brexit, economic growth in Britain has dipped to stalling point amid the trade conflict.

US economic growth has also slowed on the back of the dispute, putting pressure on the US Federal Reserve to cut interest rates to support the economy. The US’s central bank cut rates this week for the first time in a decade.