There are fears of a major global trade war after President Trump announced sweeping tariffs on imports from Canada, Mexico and China starting immediately. He added that 'very substantial tariffs' would follow for the European Union.
Goods exported from Canada and Mexico to the US will be hit with a 25% tariff; products from China face a 10% levy. Canada's Prime Minister Justin Trudeau said his country would face difficult times as a result but promised a 'forceful' retaliation.
Many Chinese businesses were certain the tariffs were on their way and have been taking pre-emptive action. Many have moved their production lines offshore, to places including Cambodia.