Donald Trump has announced at least $50 billion of tariffs on China to punish the country for forcefully acquiring US intellectual property, triggering fears of a new trade war.

Some 1,300 products are expected to be impacted, with some time given for appeals before the tariffs come into effect.

Mr Trump also ordered the US Treasury to work up investment restrictions on China, while a case in the World Trade Organisation [WTO] will also be pursued.

While China last night began laying out reciprocal tariffs, Britain was breathing a sigh of relief after the EU was given an initial exemption on steel tariffs.