Markets slide further amid fears of escalating trade war between China and US

European markets slip into red after China ups ante by increasing retaliatory tariffs on US goods to 125%

• China raises tariffs on US goods to 125%
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Stock markets slid further on Friday amid growing fears of an escalating trade war between the world's two biggest economies as China announced it would increase its retaliatory tariffs on US goods to 125%.

The increase from 84% ups the ante to the same level as the US 125% reciprocal" tariff on its imports that came into force on Thursday, although the White House clarified later that day that its total levies on Chinese imports are now at least 145% when a separate 20% fentanyl-related border tax is included.