China hits back at US with own tariffs as shares slide

Global stock markets have plummeted after China said it would strike back at US President Donald Trump with additional tariffs of 34 per cent on US goods, escalating a trade war that has rattled investors and fed fears of a coming recession. Wall Street was down sharply on Friday following the Chinese response, which would be imposed from April 10, after the Trump administration's sweeping levies knocked off $US2.4 trillion ($A4 trillion) from US shares. In the stand-off between the world's two biggest economies, China also announced controls on exports of some rare earths while Trump also doubled down, vowing…