Trump’s China tariff escalation spooks global markets

Donald Trump’s threats of additional trade tariffs against China, on top of the 10% hike imposed earlier this month, have contributed to a widespread stock market sell-off. Sentiment was already sour on the tariff front, given the spectre of 25% import duties being slapped on the EU, before the US president confirmed his intention to target Canada, Mexico and China next week. Mr Trump said his proposed 25% tariffs on Mexican and Canadian goods – delayed by a month – would take effect on Tuesday 4 March as planned, alongside an extra 10% duty on Chinese imports. Money latest: Pocket…