President Trump threatens extra $100bn of tariffs on Chinese imports

Dow closes down 572 points as Beijing says it will fight back against new Trump proposals

The war of words between the Trump administration and China over trade has escalated after Beijing threatened to fight back "at any cost" against new US proposals for an additional $100bn (71bn) in tariffs.

Chinese officials said on Friday they would "definitely fight back firmly" should the US persist in using "protectionism", in a warning issued hours after President Trump unexpectedly suggested imposing extra trade tariffs on goods shipped from China to the US - on top of the $50bn worth of tariffs announced last month.

Related: US stock markets sink on China trade war fears

China, which is a great economic power, is considered a Developing Nation within the World Trade Organization. They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair. We were badly represented. The WTO is unfair to U.S.