Speaking in the Rose Garden of the White House, the president announced new “reciprocal” tariffs on almost all America’s trading partners. There will be levies of 34% on China, 27% on India, 24% on Japan and 20% on the European Union.

President Donald Trump's move to slap a 10% tariff on most goods imported to the United States, as well as much higher levies on dozens of rivals and allies alike, has intensified a global trade war that threatens to stoke inflation and stall growth.

Regulators in Beijing have been told in recent weeks to hold back on granting approvals for Chinese companies wishing to invest in the US, Bloomberg News reported.

Donald Trump’s latest tariff hikes threaten to inflict a bigger hit on China’s economy than it suffered during his first trade war.

China has urged the United States to immediately cancel unilateral tariff measures and properly resolve differences with trading partners through equal dialogue, the commerce ministry said on Thursday.