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Global markets take fright as Trump ramps up US-China trade war

US president has threatened to impose a new 10% tariff on $300bn of Chinese goods

Financial markets around the world fell sharply after Donald Trump threatened to impose a new tariff on $300bn (£248bn) of Chinese goods in a rapid escalation of the trade war between Washington and Beijing.

The FTSE 100 was down more than 2% as markets across Europe tumbled on Friday, continuing a wave of selling pressure around the world in the aftermath of the president’s announcement on Thursday evening.

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