China has vowed to respond with countermeasures after Donald Trump imposed an extra tariff of 34 per cent on the country’s exports to the United States. But Beijing’s commerce ministry stopped short of announcing retaliatory tariffs in response to the move, which brings the tariff on Chinese goods above 50 per cent.

Allies and adversaries alike were reeling from Trump’s tariff blitz, with some signaling they were ready to retaliate, while others were still hoping for talks.