China retaliates against Trump in trade war with 34% tariffs on US imports

Fears of global recession rise as stock markets continue to fall after China responds to US president's bullying tactics'

Stock markets around the world plunged for a second day on Friday as China announced retaliatory tariffs of 34% on US imports, signalling a major escalation of a trade war ignited by Donald Trump and feeding fears of a global recession.

For all imported goods originating from the US, an additional tariff of 34% on top of the current applicable tariff rate will be imposed," Beijing's finance ministry said.