China said that it has no choice but to retaliate against new U.S. trade tariffs, raising the risk that Trump could soon impose duties on virtually all of the Chinese goods that America buys. The response to Trump’s decision to go ahead next week with 10 percent tariffs on another $200 billion of Chinese goods, ratcheting up to 25 percent in January, was unusual and unexpected. It initially hit U.S. stocks, Treasuries and the dollar while stirring a rally in Chinese equities and the yuan in Asia.

The US is imposing new tariffs on $200bn (£150bn) of Chinese goods as it escalates its trade war with Beijing.

These will apply to almost 6,000 items, marking the biggest round of US tariffs so far.

Handbags, rice and textiles will be included, but some items expected to be targeted such as smart watches and high chairs have been excluded.

The Chinese commerce ministry said it had no choice but to retaliate but is yet to detail what action it will take.

The US taxes will take effect from 24 September, starting at 10% and increasing to 25% from the start of next year unless the two countries agree a deal.

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