Donald Trump announced that he was increasing tariffs on nearly all Chinese goods on Friday night, further ratcheting up trade tensions between Beijing and Washington after markets sold off on fears of the trade war’s impact on the global economy.

In a pair of tweets, Mr Trump said he was raising existing tariffs on $250bn of Chinese imports from 25 per cent to 30 per cent beginning October 1, and raising tariffs planned to start in September on $300bn of goods, from 10 per cent to 15 per cent.

Mr Trump’s move followed a meeting with his top trade advisers and a call on Twitter for US companies to move out of China. The trade war with Beijing has now been raging for nearly a year and a half. Although the two sides were close to a deal in early May, talks fell apart and there is no deal in sight.

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