US-China trade deal: Donald Trump insists there's no rush to secure deal

Damaging trade war could destabilise the already slowing global economy

• US-China trade war: latest updates
• What has Trump done and what next?
• A cast of thousands: products from China facing 25% US tariff

Donald Trump has insisted that there is "no rush" to secure a deal with China despite growing business and Wall Street fears that the ratcheting up of US tariffs risks a full-blown trade war between the world's two economic superpowers.

US shares, which were falling for much of the day, staged a late rally on Friday night after Trump tweeted that trade talks "will continue" after the hiking of tariffs on $200bn of Chinese goods.

Related: US-China trade war: Beijing vows to retaliate as tariffs raised - Business live

Related: Trump latest in long line of protectionists steering US trade policy

Related: A cast of thousands: products from China facing 25% US tariff

The roots of the dispute come from US president Donald Trump's "America first" project to protect the US' position as the world's leading economy, while encouraging businesses to hire more workers in the US and to manufacture their products there.

Related: Why did Trump threaten to raise China tariffs - and what now?